Acucap acquisition all but a done deal

THE PLANNED acquisition by JSE-listed Growthpoint of all the shares in Acucap it did not already own now constitutes a firm intention to acquire these shares. This follows the fulfilment of certain pre-conditions in the implementation agreement between the two listed property companies. In a joint announcement on Friday, the companies said FirstRand Bank, the independent expert appointed by the independent board of Acucap, had concluded the terms of the scheme of arrangement, including the scheme consideration, was fair and reasonable for Acucap shareholders. Growthpoint shares on Friday ended up 9c at R25.33 while Acucap stock closed 31c lower at R47.84. Growthpoint shareholders at a general meeting on Thursday also approved placing sufficient Growthpoint shares under the control of the company’s directors to settle the scheme. It proposes a share exchange of 1.97 Growthpoint shares for one Acucap share. – Roy Cokayne