Afrimat Limited (JSE:AFT) made an offer to acquire 50.87% stake in Infrasors Holdings Limited (JSE:IRA) from Hanchurch Asset Managers and certain retiring management of Infrasors for ZAR 32.7 million in cash on October 24, 2012. Afrimat Limited will acquire 93.5 million shares at an offer per share of ZAR 0.35. As reported, after the transaction become unconditional, Afrimat will make an unconditional mandatory offer to acquire all remaining Infrasors ordinary shares.

The transaction is subject to approval by Board of Directors of Afrimat Limited, approval by Johannesburg Stock Exchange and other relevant authorities of the proposed transaction and all of the documents associated with implementing the proposed transaction, approval by ABSA Bank, providing support and consent to the transaction and agreeing that no material changes to the debt facilities, pricing and debt repayment terms currently in effect will be required. The transaction was unconditionally approved by the Competition Commission on October 24, 2012. As of February 8, 2013, the deal became unconditional and all conditions were met. As of April 10, 2013, an Independent Board made up of Mochele Noge, Percy Ford Chuang Ying, Jacobus Coenrad and Petrus Bekker has been appointed by Infrasors. BDO Corporate Finance Proprietary Limited acted as a financial advsiors to the Independent Board of Infrasors. Bridge Capital Group Limited acted as financial advisor for Afrimat Limited.