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BVT/GND:Proposed acquisition:Bidvest & Bidvest Bank Ltd of GFS Holdings (Pty) Ltd & Grindrod Financial Holdings
THE BIDVEST GROUP LIMITED GRINDROD LIMITED
(Registration number 1946/021180/06) (Registration number: 1966/009846/06)
Share code: BVT Share code: GND & GNDP
ISIN ZAE 000117321 ISIN: ZAE000072328 & ZAE000071106
(“Bidvest”)
Voluntary joint announcement regarding the proposed acquisition by Bidvest and Bidvest Bank
Limited of GFS Holdings (Pty) Ltd and Grindrod Financial Holdings Limited (collectively “Grindrod
Bank”)
Bidvest and Grindrod Limited (“the Parties”) advise shareholders that the Parties have entered into a
memorandum of understanding which sets out the key terms on which Bidvest and Bidvest Bank
Limited proposes to acquire Grindrod Bank (“the Proposed Transaction”).
The acquisition of Grindrod Bank will add scale to Bidvest’s financial services offering and will enable
the combined business better strategic positioning as a pre-eminent niche financial services
provider. The businesses are complementary and the expanded product and service offering will
benefit clients and provide employees with enhanced career development opportunities.
Grindrod Limited has considered a number of strategic alternatives for the further development of
Grindrod Bank and is of the view that the Proposed Transaction is in the best interests of all
stakeholders.
The successful completion of the Proposed Transaction is subject to conditions precedent, including
the completion of due diligence and the approval by certain regulatory authorities.
Bidvest and Grindrod Limited are listed on the exchange operated by the JSE Limited (“JSE”) and
have market capitalisations of R93 billion and R18 billion respectively. The Proposed Transaction is
not a categorised transaction for Bidvest or Grindrod Limited in terms of the Listings Requirements
of the JSE, and accordingly this is a voluntary announcement.
A further announcement regarding the fulfilment of the conditions precedent to the Proposed
Transaction will be made as and when appropriate.
Johannesburg
July 2 2014
Investment Bank and Transaction Sponsor to Bidvest
The Standard Bank of South Africa Limited
Legal Adviser to Bidvest
Edward Nathan Sonnenbergs
Sponsor to Bidvest
Investec Bank Limited
Sponsor to Grindrod
Grindrod Bank Limited
Date: 02/07/2014 01:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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