JSE-listed Group Five on Friday informed shareholders that the unsolicited R1.6-billion offer by Greenbay Properties to acquire the group’s European division would lapse.
Greenbay on October 16 made the offer to acquire Group Five’s European assets, including its highway toll road business, Intertoll Europe, but said the deal would lapse if not accepted by 17:00 on October 20.
Group Five on Friday said it had constituted an independent board, which needed to appoint an independent expert, to provide a fair and reasonable opinion regarding the offer.
The group felt the independent expert would need a reasonable amount of time to assess the offer and approached Greenbay to discuss the timeframes, as well as the fact that it believed the offer substantially undervalues the target assets.
Greenbay opted not to extend the deadline.
Group Five reiterated that it continues to receive other expressions of interest for the target assets, as well as other assets.
