Briefs
Bidvest mulls raising Adcock stake to majority
* Bidvest intends to lift holding to over 50 pct -document
By Tiisetso Motsoeneng
It is now considering buying more shares to lift its holding to over 50 percent, according to the document obtained by Reuters.
"The Bidvest bid has involved two stages. The second stage is to acquire further shares beyond the 34.5 percent, which presumably, depending on the take-up of the offer, would take Bidvest's holding to above 50 percent," it said.
Joffe, whose initial bid for control was spurned, has a long track record of snapping up laggards and turning them around by focusing on cash flow, capital allocation and shareholder returns.
(1 US dollar = 10.7030 South African rand)
(Reporting by Tiisetso Motsoeneng; Editing by David Holmes and Jane Baird)