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South African Greenbay makes $120 million offer for European assets

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Staff Writer | October 16, 2017
South African construction firm Group Five said that Greenbay Properties had made an unsolicited offer to acquire its European assets for 1.6 billion rand ($120 million).
Group Five
Acquisition   Group Five has constituted an independent board
The offer values Group Five's assets at 60 percent more than the company's market capitalisation of around 1 billion rand, suggesting its assets in South Africa, where the economy is barely growing, are not highly rated.

Group Five's share price leapt 37 percent to 12.61 rand on the news.

"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.