Printing and packaging agency Novus Holdings’ provide to purchase out different shareholders in know-how group Mustek has hit a contemporary regulatory hurdle.
The Takeover Regulation Panel (TRP) has “unilaterally withdrawn” its approval of Novus’s “agency intention announcement” relating to the Mustek provide and given the agency 20 enterprise days to publish a revised announcement, Novus mentioned late on Friday. It didn’t instantly present causes for the TRP’s determination.
Novus was legally compelled to make a compulsory provide to Mustek shareholders final November after its shareholding within the know-how distributor breached the 35% mark.
A proposal comprising a money consideration of R13/share; or a money quantity of R7/share plus one atypical share in Novus for every Mustek share held; or two Novus shares for every Mustek share tendered was then made to shareholders.
“Novus acknowledges the unlucky affect and confusion that these developments might trigger, and accordingly, Novus intends to attraction in opposition to the aforesaid ruling of the TRP on an pressing foundation, on the grounds that it was improper, and can present an replace to the market as quickly as it’s ready to take action,” Novus mentioned in a press release issued by way of the JSE after markets closed in Johannesburg on Friday.
Velocity bump
“Novus stays absolutely dedicated to the obligatory provide course of and implementation thereof in accordance with its obligations by way of relevant laws,” it added.
This newest twist within the deal comes 10 days after Novus secured approval from the Competitors Tribunal to purchase a controlling stake in Mustek, though it connected some circumstances associated to employment.
The deal hit a pace bump in February when the TRP, an impartial physique reporting to the minister of commerce, trade & competitors, concluded that Mustek shareholder the DK Belief acted as a “live performance celebration” to Novus’s bid to amass Mustek.
Learn: Why Novus desires to purchase Mustek – Q&A with CEO André van der Veen
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 that will have deprived smaller shareholders in Mustek.
Novus CEO André van der Veen informed TechCentral on the time that though the findings by TRP had been thought of by Novus to be incorrect, the one celebration materially affected by the ruling was the DK Belief, which is able to for six months after the conclusion of the deal be barred from shopping for Mustek or Novus shares.
Van der Veen mentioned 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 operate.
This left Novus with no different choice however to take the matter to court docket if it needed to rectify the disagreement. Van der Veen mentioned 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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