Shoprite has announced that its proposal to buy out company founder Christo Wiese’s high-voting shares for R3.3bn received broad support in principle from shareholders, but not enough to allow the deal to go through. Consequently, it had been cancelled.
The board’s argument was that the deal would simplify the company’s voting share structure and align the company with international best corporate governance practice. This is because all the shares after the deal would have the same voting rights. This, the board said, would appeal to institutional investors and would have increased a positive demand for the company’s shares.
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