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SOVEREIGN FOOD INVESTMENTS LIMITED - Competition Tribunal Sets Aside Country Bird Merger Approval

Release Date: 14/09/2017 07:30
Code(s): SOV     PDF:  
 
Wrap Text
Competition Tribunal Sets Aside Country Bird Merger Approval

SOVEREIGN FOOD INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration Number: 1995/003990/06
JSE Code: SOV
ISIN: ZAE000009221
(“Sovereign”)

COMPETITION TRIBUNAL SETS ASIDE COUNTRY BIRD MERGER APPROVAL

Sovereign shareholders (“Shareholders”) are referred to the conditional merger approval in respect of
the intermediate merger between Sovereign and Country Bird Holdings Proprietary Limited (“Country
Bird”) granted by the Competition Commission on 15 November 2016 (“Merger Approval”).

On 29 November 2016, Sovereign brought an application for the review and the setting aside of the
Merger Approval. This action was pursued as a result of the ruling by the Takeover Special Committee
that Country Bird’s offer to acquire more than 50% of Sovereign’s issued ordinary shares (“Offer”)
lapsed following Country Bird’s unlawful attempt to waive the minimum acceptances condition to the
Offer.

Shareholders are hereby advised that on 13 September 2017, Sovereign's review application was
successful and that the Competition Tribunal of South Africa has set aside the Merger Approval. The
matter has been referred back to the Competition Commission for reconsideration.

Port Elizabeth
14 September 2017

Corporate advisor and sponsor
One Capital

Attorneys to Sovereign
Cliffe Dekker Hofmeyr Inc.

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