Pinnacle offers to buy, delist Datacentrix - TechCentral

Pinnacle offers to buy, delist Datacentrix

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Technology group Pinnacle Holdings has made an offer to buy out minority shareholders in Datacentrix and, if successful, plans to delist the IT services company from the JSE.

Pinnacle told shareholders in a notice published on the JSE’s stock exchange news service on Wednesday that it has submitted a “non-binding expression of interest” to Datacentrix to acquire the 42,9% of the company it doesn’t already own.

Pinnacle is offering Datacentrix shareholders R6,65/share, to be settled in cash, amounting to a total consideration of R541m.

“This is subject to a fair and reasonable [study]being performed by an independent expert appointed by the independent board of directors of Datacentrix,” Pinnacle said in the notice.

It said it has already received irrevocable undertakings from Datacentrix shareholders representing 72% of the offer shares in support of the proposed deal. They are 36One Asset Management and Sentio Capital Management.

“Shareholders of Datacentrix and Pinnacle are advised that the EOI does not constitute a firm intention by Pinnacle to make an offer and it is possible that no offer may result from this process. Accordingly, pending further announcements, Datacentrix and Pinnacle shareholders are advised to exercise caution when dealing in their Datacentrix and Pinnacle shares, respectively.”  — © 2016 NewsCentral Media

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