(Bloomberg) -- Investec, a South African private and
investment bank with units in the U.K. and Australia, agreed to buy
Kensington Group Plc for 283 million pounds ($560 million) to
expand its mortgage-backed securities business in Britain.
The offer values each Kensington share at 519.5 pence, a
premium of 6 percent over the London-based bank's closing stock
price yesterday, Johannesburg-based Investec said. Investec offered
0.7 new shares for each Kensington share and a special dividend
from Kensington of 26 pence, based on the value of Investec's
closing stock price of 705 pence yesterday.
Read more at Bloomberg Emerging Markets News
investment bank with units in the U.K. and Australia, agreed to buy
Kensington Group Plc for 283 million pounds ($560 million) to
expand its mortgage-backed securities business in Britain.
The offer values each Kensington share at 519.5 pence, a
premium of 6 percent over the London-based bank's closing stock
price yesterday, Johannesburg-based Investec said. Investec offered
0.7 new shares for each Kensington share and a special dividend
from Kensington of 26 pence, based on the value of Investec's
closing stock price of 705 pence yesterday.
Read more at Bloomberg Emerging Markets News
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