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Shares in Bell Equipment surged 49% after the founding family dangled a multibillion-rand buyout carrot before minority shareholders, which will end the maker and distributor of heavy industrial machinery’s 30-year history on the JSE.
Shares in Bell Equipment surged 49% after the founding family dangled a multibillion-rand buyout carrot before minority shareholders, which will end the maker and distributor of heavy industrial machinery’s 30-year history on the JSE.
The Bell family, which holds about 70% of the company via an investment outfit called IA Bell, offered minorities R53 cash per share, a 56% premium to the closing price on Friday, valuing the company at about R5bn.Bell Equipment has a global footprint and over 60 years of experience in the manufacture, distribution and support of material-handling equipment for a broad spectrum of industries. The share price of JSE-listed Bell Equipment, which manufactures heavy machinery for the construction, mining, and agriculture sectors, spiked by more than 45% on Monday following a buyout offer from the founding family.
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The founding Bell family currently holds 70% of the issued shares. If the buyout offer is successful, IAB and the excluded shareholders (people related to the founding family of Bell Equipment and certain third parties) will own 100% of the issued shares, excluding the treasury shares, as noted in the statement.
