Protech khutheleUnsolicited Eqstra offer to go hostile

An unsolicited offer by Eqstra to acquire the entire outstanding shareholding in Protech Khuthele has turned hostile. Protech Khuthele said just before 5pm yesterday that it had received correspondence from Eqstra on Friday containing the unsolicited bid and a request that it must indicate by 5pm yesterday that it would support the proposed transaction or else “Eqstra will proceed with a hostile offer”. Protech said an independent board had been established to consider the offer but “given the unreasonable time frame” it was not yet in a position to decide. Eqstra, which holds 32.8 percent of Protech, offered 60c a share for the shares it does not already own, valuing the proposed deal at about R146 million. Protech leapt 23.3 percent in very late trade to close at 53c. Eqstra fell 1.61 percent to R6.10. – Roy Cokayne