Lifestyle-focused group Long4Life said yesterday that an Old Mutual private equity fund had made a firm offer to acquire it at about 6.5% more than an initial offer proposal.
Long4Life said it had received a firm intention letter from OMPE Bidco to make an offer to acquire all of the issued shares in Long4Life at R6.20 per share cash. OMPE Bidco ha initially proposed an offer price of R5.50 per share.
The company’s share price increased 1.23% to R5.78 by late yesterday afternoon. Long4Life will be de-listed on conclusion of the scheme.
OMPE Bidco is a subsidiary of OMPE Fund V, a private equity fund managed by Old Mutual Private Equity (OMPE), as represented by OMPE V GP Proprietary, acting in its capacity as the ultimate general partner of the OMPE Fund V.
It is one of the largest and most established private equity managers in South Africa, managing private equity assets on behalf of both Old Mutual Limited and third-party investors.