The Competitors Tribunal has authorised the bid by printing and packaging agency Novus Holdings to amass a controlling stake JSE-listed expertise group Mustek.
In response to a tribunal assertion on Tuesday, the deal was authorised topic to “employment-related public curiosity circumstances”.
Novus was legally compelled to make a compulsory supply to Mustek shareholders final November after its shareholding within the expertise distributor breached the 35% mark.
A suggestion comprising a money consideration of R13/share; or a money quantity of R7/share plus one unusual share in Novus for every Mustek share held; or two Novus shares for every Mustek share tendered was then made to shareholders.
The deal hit a velocity bump in February when the Takeover Regulation Panel (TRP), an impartial physique reporting to the minister of commerce, trade & competitors, concluded that Mustek shareholder the DK Belief acted as a “live performance occasion” to Novus’s bid to amass Mustek.
Following an investigation, the TRP concluded that Novus acted “in live performance” with the DK Belief – created by late Mustek founder David Kan – in establishing the transaction, a transfer which will have deprived smaller shareholders in Mustek.
DK Belief
Novus CEO André van der Veen advised TechCentral on the time that though the findings by TRP have been thought of by Novus to be incorrect, the one occasion materially affected by the ruling was the DK Belief, which can for six months after the conclusion of the deal be barred from shopping for Mustek or Novus shares.
Van der Veen stated that though Novus disagreed with the TRP’s findings, the statutory physique’s inside attraction mechanisms are non-existent as a result of commerce minister Parks Tau is but to nominate the related employees member to fulfil the perform.
Learn: Mustek blames financial system for hefty earnings decline
This left Novus with no different choice however to take the matter to courtroom if it needed to rectify the disagreement. Van der Veen stated this is able to solely delay the deal with none substantial profit to the stakeholders concerned and so no authorized motion was pursued. – © 2025 NewsCentral Media
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