Investec seals deal for Rensburg Sheppards

SOUTH Africa's Investec announced a recommended offer to buy the remaining shares in Leeds-based Rensburg Sheppards for £412m to boost its wealth and asset management activities.
By The Newsroom
Published 30th Mar 2010, 10:50 BST

Investec said in a statement it had agreed with the independent Rensburg Sheppards directors to pay 916 pence per share to acquire the remaining 53 per cent of the firm, representing a premium of 48 per cent to the start of the offer period.

Each Rensburg shareholder will receive 1.63 fully paid newly issued Investec shares in exchange for each fully paid Rensburg share. A court and general meeting could take place by late May or early June.

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Investec said it had the support from Schroders Investment Management and BlackRock Investment Management, which hold 7.7 per cent and 2.9 per cent respectively.

"Rensburg Sheppards has been a good investment for Investec over the past few years and the proposal we have announced today is the natural next step for both businesses," Investec chief executive Stephen Koseff said.

"Investec's wealth and asset management activities have grown strongly in recent times and we believe that Rensburg Sheppards will thrive as part of the Investec Group."

Related topics:South AfricaLeeds