Shares in Long4Life, the company owned by entrepreneur Bidvest founder Brian Joffe, soared in trade on Friday (3 December), on news of a multi-billion rand acquisition proposal from Old Mutual’s private equity arm.
Long4Life advised its shareholders in a note that it has received a cash offer from Old Mutual Private Equity to acquire all of the ordinary shares in Long4Life for a purchase consideration of R5.80 per Long4Life share, and the subsequent delisting of Long4Life from the Johannesburg Stock Exchange.
The group’s net asset value per share at the end of August 2021 stood at R7.27, while its market cap is R3.86 billion.
Shares in Long4Life traded more than R2.00 or 63% higher in mid-morning trade on the JSE, to R5.37, having hit a peak of R5.83 in afternoon trade on Thursday, and is coming off a 52-week low of R3.03.
Prior to the submission of the formal proposal, OMPE has successfully concluded a due diligence investigation in Long4Life.
Long4Life owns retailers Sportsmans Warehouse, and Outdoor Warehouse, along with beauty-salon chain Sorbet, and a beverage unit with brands including Score energy drinks and Fitch & Leedes
– BusinessTech