Barloworld extends R23bn buyout offer amid shareholder delays
Barloworld Equipment. The Saudi Arabian consortium's bid for the Southern Africa-based Caterpillar dealer group has been etended to June 30, 2025.
Image: Supplied
The contentious buyout offer for Barloworld has been extended by more than six weeks because some brokers and financial services companies are delaying selling their clients' Barloworld shares in support of the offer.
The stand-by offer for Barloworld shareholders to accept the R23 billion offer by Saudi Arabian firm Zahid Group in concert with Barloworld CEO Dominic Sewela, closed on Friday, again with insufficient shareholder support, but Barloworld's independent board has extended the offer to June 30.
The initial offer for the international heavy industrial equipment and food and ingredient solutions group was first made in February 2024, but shareholders raised issues about transparency, possible conflicts of interest due to the CEO's participation, and some shareholders wanted a better offer than R120 per share, while the shareholder vote failed.
'Barloworld…understands certain Barloworld ordinary shareholders have been unable to tender their shares into the standby offer through their CSDPs (Central Securities Depository Participants) or brokers,' the Independent Board said on Friday.
The company said it had received several inbound queries from its shareholders who indicated to their CSDPs or brokers that they wished to accept the standby offer, but had been advised that they would only be able to do so at 'a later stage,' the board said.
The board stated there was 'no lawful basis' for a CSDP or broker to delay accepting the standby offer on behalf of their shareholder client, and CSDPs and brokers 'must review their processes to ensure that instructions in relation to the standby offer are processed without delay.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
a day ago
- The South African
18 G\A Kaizer Chiefs transfer target says goodbye to teammates!
Kaizer Chiefs have prioritised the revitalisation of their attack in the coming transfer window, I order to improve their fortunes. Chiefs woes in front of goals lasts season were well documented, with coach Nasreddine Nabi not shying away from them. This, however, has not been a problem unique to just last season. Even during the tenure of former coach Arthur Zwane, they have been trying to find a solution. Since then, they have acquired players like Christian Saile, Caleb Bimenyimana, Ranga Chivaviro , Tashreeq Morris and Glody Lilepo. Yet there has been no solution to Chiefs ' struggles in the box. What had improved last season under Nabi, however, has been their chances created. That hasn't, however, seen them stop their pursuit of another player that can both score and produce assists. According to FARPost , Chiefs are interested in signing Sekhukhune United's Keletso Makgalwa. Furthermore, they believed the player has already said goodbye to his teammates at Babina Noko. 'Sekhukhune United have taken a firm stance on the future of their star winger, Keletso Makgalwa, amidst interest from Kaizer Chiefs coach Nasreddine Nabi. According to a Sekhukhune player, the former Mamelodi Sundowns attacker bid farewell to his Babina Noko teammates, sparking speculation about an imminent departure. However, sources within the Limpopo-based club have clarified that they intend to build their team around Makgalwa for the upcoming season. The 28-year-old player joined Sekhukhune on a three-year deal from Upington City FC after mutually parting ways with Sundowns.' Wrote the publication. Before last season, it was rumoured that Chiefs had signed Makgalwa, on an pre-contract from Upington FC. In the end, that proved not to be true, with the speedy winger going to register 11 goals and seven assists in the topflight. Chiefs fans, is a player like Makgalwa the type that is needed to boost the Amakhosi attack? Let us know by clicking on the comment tab. Or by emailing info@ or sending a WhatsApp to 060 011 021 1. You can also follow @TheSAnews on X and The South African on Facebook for the latest news.
The South African
a day ago
- The South African
Springboks (Signings & Exits): SEVEN player movements
A total of seven Springboks are linked with big moves both IN and OUT of South Africa. Being a Springboks rugby player certainly has it's perks. Following back-to-back Rugby World Cup victories, Bok stars are now even more sought-after than ever before. So, Let's take a look at the capped Springboks linked with big moves to new clubs both in and out of SA. Handre Pollard, Cobus Reinach and Marvin Orie are all set to return home. Back to South Africa. The Rugby World Cup winning Springboks trio are all involved with massive deals with local United Rugby Championship outfits. Namely, the Bulls and Stormers. Pollard has signed a huge deal that will see him return to the Bulls next season. Meanwhile, Reinach has signed a deal with John Dobson's Stormers. He will start playing for the Cape-based side at the start of the 2025/26 season. Finally, Orie is set to join the Bulls next season. Meanwhile, Edwill Van Der Merwe has signed for the Sharks ahead of next season. Manie Libbok, Joseph Dweba and Herschel Jantjies are all set to leave the Stormers and SA at the end of the season. 'Scrumhalves Herschel Jantjies and Paul de Wet are heading to Bayonne in France and the Bulls respectively, while hooker Joseph Dweba departs for English Premiership side Exeter Chiefs, ' the insider stated on The Citizen. Meaning, three capped Boks are set to start new ventures abroad. Libbok has been linked with a sabbatical and a potential loan move to Japan. Meanwhile, both Dweba and Jantjies are going to ply their trade abroad next season. 'Springbok flyhalf Manie Libbok, with Director of Rugby John Dobson confirming after the Glasgow loss that he was on his way out with the others, but with no confirmation on what sort of deal,' he added. However, Libbok will likely be loaned out and come back to the Stormers. Let us know by leaving a comment below, or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
a day ago
- The South African
Orlando Pirates fight to keep key man amid Al Ahly Interest
Orlando Pirates have stepped up their efforts to retain Deon Hotto, despite mounting interest from clubs in the Middle East and North Africa, including Egyptian giants Al Ahly, now coached by former Bucs boss Jose Riveiro. The Namibian international, who joined the Buccaneers from Bidvest Wits in 2020, has become a cornerstone of the squad thanks to his relentless work ethic, adaptability, and leadership both on and off the pitch. With his current deal nearing its expiry, Pirates have already tabled a renewal offer. The club is determined to reward the 34-year-old for his consistent performances and senior presence in the team. 'The club is keen to renew his contract,' said the source. Hotto's influence stretches beyond match days. Inside the dressing room, he plays a vital leadership role that the club sees as essential to nurturing its younger talent. As the Soweto giants gear up for future campaigns, blending youth with experience remains a top priority, making Hotto's retention even more critical. Reports linking Hotto with a reunion with Jose Riveiro at Al Ahly have surfaced, but sources believe a move is improbable. While Riveiro is said to admire Hotto, key decisions at the Cairo-based club require board-level approval. The source also revealed that age could be a sticking point in any potential transfer. With Hotto now in his thirties, Al Ahly may be reluctant to invest in a veteran. Despite the interest from abroad, Orlando Pirates remain laser-focused on tying Hotto down for the long term. Talks are believed to be at an advanced stage. With the club eager to finalise the deal before pre-season preparations begin. With Hotto's influence showing no signs of fading. Keeping him at Mayfair appears to be a top priority for a team looking to stay competitive both domestically and continentally. Will Orlando Pirates convince Hotto to stay? Let us know by leaving a comment below or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
