SA’s Clover Industries gets $359 mln buyout offer from CBC led consortium

02/04/2019 11:29:00 AM (GMT)

South Africa (SA)-based branded foods and beverage company Clover Industries Ltd. revealed that it has received a 4.8 billion rand ($359 million) buyout offer from a consortium of companies led by Israeli soft drinks, dairy products and alcoholic beverages distributor Central Bottling Co. (CBC).

The consortium offered $1.87 a share for Clover industries, that is a 25 percent premium to Clover Industries’ close on Friday.

Other investors include South African investment firm Brimstone Investment Corp.

Central Bottling is planning to extend the dairy business across sub-Saharan Africa.

Central Bottling Co.

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