South African media company Avusa gets takeover bid.

By bne IntelliNews March 30, 2011
A consortium led by buyout firm Capitau Holdings has offered to buy South African media company Avusa Ltd. Capitau and RMB Ventures, a private equity unit of South African banking group FirstRand, are offering ZAR 26 (USD 3.79) a share in cash for Avusa, Capitau said in a statement. Investors can also choose a reinvestment option of ZAR 18 in cash per security, plus preference shares at ZAR 5 each and stock in a new company to be formed after the takeover, at ZAR 3 apiece. The consortium is impressed by the operations and strategy of the Avusa group and intends to work together with the management to grow the business along similar lines over the medium to long term, Capitau said. Avusa publishes South Africa's biggest business newspaper Business Day, the Financial Mail magazine, the Sunday Times, the Times, the Sowetan, among others.

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