Edward West edward.west@inl.co.za GLOBAL brewer, Netherlands-based Heineken, has made a R38.5 billion offer for Distell, South Africa’s biggest alcohol group and the owner of brands such as Amarula, Nederburg, JC le Roux and Savanna.
Distell’s share price, however, fell more than 7 percent to R169.57 by midday yesterday, indicating that some shareholders may have been expecting a higher price as the price had peaked at R182.59 on Friday, which is more than the R180 per share that Heineken is offering.
The Public Investment Corporation, a major shareholder, for instance, was reportedly holding out for a R200 per share offer.
The price is, however, well above the R133.35 average price six months ago, when Heineken first expressed its interest.
The R40.1bn total offer, a substantial foreign investment into South…