The group said in a statement yesterday that Comprop’s bid was “highly unlikely” to be approved by the required majority of shareholders and further discussions are under way with Comprop.
Safari shareholders holding more than 25percent of Safari’s shares had said they would vote against the Comprop proposal, should it be put to a vote. Earlier this month an initial bidder for Safari, by Fairvest, which had proposed a share swop merger, withdrew its “friendly” offer after Comprop had put in a higher cash bid.
Meanwhile, some 53million Safari shares held by Southern Palace Capital, the voting rights of which were exercisable by Safari’s chief executive or another person designated for such by the Safari board, would abstain from a vote on the Comprop proposal. Safari has about 311million shares in issue.
“Given these developments, the (Safari) Independent Board is engaging with Comprop with a view to resolving the impasse,” the company said.