IJ Calisto made a mandatory offer to acquire remaining 31.3% stake in Cartrack Holdings Limited (JSE:CTK) from a group of shareholders for ZAR 1.3 billion on July 17, 2019. IJ Calisto, Founder and Chief Executive Officer of Cartrack Holdings Limited offered a price of ZAR 13.44 per Cartrack Share in cash. The offer will not be subject to any conditions precedent. Competition authority approval for the acquisition of control of Cartrack by Karoo has been secured. Cartrack shareholders holding 85.2 million Cartrack shares, representing approximately 28.52% of total Cartrack shares, have irrevocably undertaken in favour of IJ Calisto not to accept (and waived all of their rights to accept) the offer. No Cartrack shareholder has given any undertaking to accept the offer. An independent Board comprising, DJ Brown, AT Ikalafeng, K White and S Rapeti was constituted by Cartrack in relation to the offer. A combined offer circular to Cartrack shareholders containing full details in respect of the offer and incorporating the Independent Board’s view of the offer and the offer consideration will be posted to Cartrack shareholders on August 16, 2019. As of August 22, 2019, the Independent Board recommended shareholders to not accept the offer. The circular has been posted to shareholders of Cartrack. The offer will open on August 19, 2019 and close on September 27, 2019. As of August 22, 2019, it was announced that offer will open on August 23, 2019 and will close on October 4, 2019. ENSafrica acted as legal advisor to IJ Calisto. BDO Corporate Finance Proprietary Limited acted as an independent expert to the Independent Board of Cartrack to provide it with external advice in regard to the offer and to make appropriate recommendations to the Independent Board for the benefit of Cartrack shareholders.