Grindrod & Bidvest terminate acquisition discussion - CNBC Africa

Grindrod & Bidvest terminate acquisition discussion

Southern Africa

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The companies agreed to discontinue discussions regarding the proposed acquisition by Bidvest and Bidvest Bank Limited. PHOTO: Bidvest

They have also agreed to discontinue discussions regarding the proposed acquisition by [DATA BVT:Bidvest] and Bidvest Bank Limited.

“Grindrod and Bidvest have agreed to discontinue the discussions. The reason for this is that Bidvest has been unable to satisfy itself as to the potential reputational impact from recent negative publicity relating to the SASSA contract,” the companies said.

“Grindrod is comfortable that the issues raised in the press do not pertain to Grindrod Bank’s role in the contract.”

(READ MORE: Bidvest’s revenue grows 18.9% as investment activity rises)

Bidvest further stated that no problems were identified, in the course of its due diligence process of Grindrod Bank, which caused the parties to terminate discussions.

[DATA GND:Grindrod] will continue its strategy to grow Grindrod Bank’s business, with a number of strategic alternatives and capital support, for the benefit of Grindrod’s stakeholders,” it said.

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