SA regulators have approved a request to waive a requirement that Magister Investments make a full buyout offer to Tongaat Hulett shareholders — another step forward for the struggling sugar producer as it presses ahead with a R4bn rights issue.
The waiver from the Takeover Regulation Panel, part of the department of trade, industry and competition, means Magister will not need to offer to take over the group completely. SA laws require that such an offer be made once a shareholding crosses a 35% threshold...
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