Naspers Looks to Increase Prosus Free Float Through Share-Exchange Offer
12 Maio 2021 - 3:43AM
Dow Jones News
By Adria Calatayud
South African investor Naspers Ltd. and its Prosus NV subsidiary
said Wednesday that they plan to launch a voluntary offer under
which Naspers shareholders will be entitled to exchange ordinary
shares for newly issued shares in Prosus.
The proposed transaction is expected to more than double the
Prosus free float to 59.7% and create value for Naspers and Prosus
shareholders, the companies said.
Prosus, which houses Naspers's international assets, was spun
out of the South African group and listed in Amsterdam in 2019.
Prosus will acquire up to a maximum of 45.4% of the issued
Naspers N ordinary shares which, together with shares already held,
will give it an economic interest of no more than 49.5%, the
companies said.
If the offer is taken up in full by Naspers shareholders,
Naspers' holding in Prosus will be reduced to 57.2% from 73.2%. The
offer is expected to be implemented in the third quarter of
2021.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 12, 2021 02:28 ET (06:28 GMT)
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