South African media firm Primedia has received a takeover proposal from a consortium led by its chief executive, the company said on Wednesday, sending its shares up more than 7 percent.
Primedia said the consortium had proposed offering 25.50 rand per ordinary share and 24.50 rand per N share, valuing the company at almost 6 billion rand.
Shareholders holding 66.3 percent of the ordinary shares -- excluding those held by the consortium -- and 35.8 percent of the N shares have agreed to back the deal, it said
Read more at Reuters South Africa
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