The Bond Exchange of South Africa’s largest shareholder, the New Zealand Exchange, has rejected the R173.2m ($17.8m) takeover offer from Johannesburg’s JSE Securities Exchange.
In a statement released on Monday November 2, NZX said the offer of R90 a share in cash was “not a true reflection of BESA’s current or likely future value”.
“NZX’s initial view is that the JSE offer price is extremely low, is...