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Former Emira CEO James Templeton is one of the directors behind I Group Consolidated Holdings, which now owns over 35% of the fund. Image: Moneyweb
The share price of Emira Property Fund shot up over 7% on Wednesday, closing at R10.34, its highest level in over a year following news of a buy-out offer being led by Maitlantic 10, a subsidiary of the fundâs major shareholder I Group Consolidated Holdings.
Share price up
Emira and Maitlantic announced the firm offer on Friday in a JSE Sens statement, but the market seems to have taken a few days to digest the news due to the Freedom Day public holiday on Tuesday.
Maitlantic, partners make an offer to acquire all of Emiraâs shares
By Edward West
Share
CAPE TOWN - EMIRA Property Fund has received a mandatory R2.87 billion offer from Maitlantic 10 Proprietary (Maitlantic) and Clearance Cantara Master Fund (CC) after Maitlantic and its partners took control of 35.03 percent of Emiraâs shares.
Maitlantic and its partners have made a mandatory offer to acquire all of Emiraâs shares for R9.15 a share, cash.
Emira said on Friday that an independent board would review the offer.
Emiraâs JSE share price closed 2.35 percent higher at R9.57 on Friday. The price has drifted steadily upwards over a year from R7.60.