South Africa’s Clover Industries receives $359m buyout offer, share price rallies

PUBLISHED: Mon, 04 Feb 2019 09:33:29 GMT

Feb 4 (Reuters) – Consumer goods firm Clover Industries share price rallied 19 per cent to R23.80 on Monday after receiving a 4.8 billion rand ($358.99 million) buyout offer from a consortium of companies, including Brimstone Investment Corporation Ltd and the executive management of Clover.

The proposed deal from Milco SA Proprietary Ltd offers 25 rand per share to Clover shareholders, a 25 percent premium to the company’s close on Friday.

$1 = 13.3708 rand Reporting by Devika Syamnath in Bengaluru

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