February 4, 2019 / 7:11 AM / 7 months ago

South Africa's Clover Industries receives $358.99 mln buyout offer

Feb 4 (Reuters) - Consumer goods firm Clover Industries Ltd said on Monday it received a 4.8 billion rand ($358.99 million) buyout offer from a consortium of companies, including Brimstone Investment Corporation Ltd and the executive management of Clover.

The proposed deal from Milco SA Proprietary Ltd offers 25 rand per share to Clover shareholders, a 25 percent premium to the company’s close on Friday.

$1 = 13.3708 rand Reporting by Devika Syamnath in Bengaluru

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