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Greenbay makes 1.6 bln rand offer for Group Five's European assets
October 16, 2017 / 6:21 AM / a month ago

Greenbay makes 1.6 bln rand offer for Group Five's European assets

JOHANNESBURG, Oct 16 (Reuters) - South African construction firm Group Five said on Monday that Greenbay Properties has made an unsolicited to acquire its European assets and businesses for 1.6 billion rand ($120 million).

The offer values Group Five’s assets at 60 percent more than the company’s market capitalisation of around 1 billion rand, suggesting that its assets in South Africa, where the economy is barely growing, are not highly rated.

“Group Five has constituted an independent board to consider the terms and conditions, as well as the merits, of the offer,” the company said in a statement. ($1 = 13.3047 rand) (Reporting by Ed Stoddard, editing by Louise Heavens)

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