South Africa: AfriSam has described its offer with Fairfax Financial Holdings to buy a stake in PPC for US$154m as ‘fair.’ In a questions and answer statement on its website it commented that the “…Partial Offer and Merger reflect the fair and relative value of PPC and AfriSam based on the unaffected market price for PPC shares and other valuation benchmarks.” PPC described the offer to its shareholders as low and has confirmed that it has been in communication with other potential bidders, including Nigeria’s Dangote Cement.
AfriSam describes offer to PPC as ‘fair’
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