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Altron gets thumbs up for R1.8bn Altech buy-out

9th August 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Allied Electronics (Altron) has been given the go-ahead to buy out the shares it did not already hold in 61%-owned Allied Technologies (Altech).

Altech is expected to delist from the JSE on August 20, as the remaining 29% are shares transferred from minority share- holders to the majority shareholder for R1.8-billion in cash and shares.

Altron offered R47.50 for every Altech share owned or preference shares of 2.22 Altron shares for each Altech share held by the minority shareholders.

A maximum of 50% of the total scheme consideration will be paid out in Altron participating preference shares.

The deal is expected to unlock synergies between Altech and Altron’s wholly owned subsidiary, Bytes, streamline the group structure and improve the parent group’s go-to-market offerings to clients, Altron CEO Robert Venter said in late July.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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