HomeBusiness DigestDelta's Ariston bid 'successful'

Delta’s Ariston bid ‘successful’

BEVERAGES manufacturer Delta Corporation’s unconditional offer to buy out Ariston Holdings shareholders for a cash consideration closed on Friday with the company only getting 53,88% of its targeted 70%.

e=”Verdana, Arial, Helvetica, sans-serif”>Before the offer, Delta held 19 998 493 shares in Ariston, amounting to 5,13%. Delta chairman Robbie Mupawose, in a statement on the outcome of the offer, described the transaction as “successful”.

“Delta has therefore been successful in its bid to acquire a controlling shareholding in Ariston,” Mupawose said. He said the company had managed to acquire 11 175 442 shares during the initial offer period which have been listed and posted to its shareholders.

“Of the 12 472 683 new Delta shares, 11 175 442 related to the acceptance received within the initial offer period. These were listed on November 7 2005 and have been posted to shareholders,” said Mupawose.

He said the balance of 1 297 241 shares which were acquired during the extension period would also be listed and posted to shareholders.

“The balance of 1 297 241 new Delta shares relating to the extension of the offer will be listed on the Zimbabwe Stock Exchange (ZSE) with effect from Monday November 21 and posted to shareholders from the same date,” Mupawose said.

Delta placed an unconditional offer to Ariston shareholders based on either a share exchange of 9,3 Delta shares for every 100 Ariston shares or an outright cash settlement of $70 070 for every 100 Ariston shares.

As part of conditions of the offer, Delta had pledged not to delist Ariston from the ZSE on the conclusion of the deal.

Ariston is a horticultural concern with vast interests in tea, coffee and flowers mainly destined for the export market.

Recently Ariston acquisition Capital Tea in Marondera for a cash consideration of $3 billion. — Staff Writer.

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