Implats holds almost 41% of RBPlats shares, and Northam has nearly 35%. Both companies had extended an offer to buy out all remaining RBPlat shareholders, although Northam was yet to post its offer circular.
Implats is close to closing out its offer, but the process has been frustrated by regulatory delays preventing it from obtaining a closure certificate from the Takeover Regulation Panel. The miner has warned that if the deal cannot reach a conclusion soon, it will be forced to walk away. Implats has also been waiting to hear from the Public Investment Corporation – the last RBPlats shareholder of significance – as to whether it will sell its near-10% stake.
Northam's decision comes just a day after Visio Capital Management publicly called for the company to drop its bid for RBPlat. As reported by Business Day, Viso argued Northam should walk away as"there is no justification for overpaying and risking the balance sheet".In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features.
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