The internet company, Prosus announced on 12 May its plans to acquire 45.4% of the issued Naspers N ordinary shares, which give shareholders minimal or zero voting rights, in exchange for newly issued Prosus N ordinary shares.
Gresty said Naspers went from a 47.5% discount to 51% early this week and most of that decline occurred on the day the company decided to inform investors of its plans. “This price action could imply that investors who have been holding Naspers in anticipation of a big value unlock have sold their shares and given up on that trade,” said Gresty.
But the companies have maintained that the transaction is in the best interest of their shareholders. He said the solution Naspers and Prosus are offering does not solve the problem, because the weight is being reduced but a structure is being created where the discount will be wider. The Media 24 Ltd. offices in Cape Town, South Africa. Photographer: Halden Krog/Bloomberg via Getty Images
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