Mustek has rejected a R101m offer from Datatec for distribution business Comztek, in which it holds a 41,8% stake.
Datatec first announced its offer to buy Comztek at the beginning of September, offering R97m in its initial bid. It later increased the offer to R101m after completing a due diligence process.
Datatec indicated in earlier announcements that it had received support for the deal from all Comztek shareholders, except Mustek.
Mustek has never appeared happy with the deal. However, it did allow Datatec the chance to complete the due diligence.
Mustek’s rejection of the offer will disappoint Datatec CEO Jens Montanana.
In Datatec’s results presentation for the six months to end-August, Montanana said Datatec would boost its growth prospects through acquisitions over the coming year.
The Comztek deal was expected to expand Westcon’s emerging-market footprint. — Staff reporter, TechCentral