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The Mergers & Acquisitions Review 2012

South Africa continued to feel the effects of a sluggish global economy, albeit on a more limited basis as compared with the rest of the world. After the financial crisis at the end of 2008, mergers and acquisitions started picking up again in the early part of 2010 and this trend continued into 2011. In the early part of 2012 fewer large deals were announced, but anecdotally, there are large deals in the pipeline that could result in announced deals when greater market confidence returns. Most recent M&A activity has been in the small to mid-cap sectors and between unlisted entities. M&A activity has also been more pronounced in cross-border deals in South Africa, inward investment into South Africa and investment from South Africa into other African jurisdictions. Many of the recent transactions (particularly in the resources sector) have involved Chinese, Indian, Japanese and US parties.

Getting the Deal Through - Mergers & Acquisitions 2012

What approval rights do shareholders have over business combinations? Do shareholders have appraisal or similar rights in business combinations? A scheme of arrangement requires the approval of disinterested shareholders in the form of a special resolution (75 per cent approval of those who are entitled to vote at that meeting) passed by holders of the relevant class of shares of the target company present at the shareholders meeting convened to consider the scheme (with a 25 per cent quorum requirement). In the case of a tender offer, the approval by the target's shareholders is not required, except in the case of a partial offer for waiving the triggering of a mandatory offer (whitewash vote) or specific exemption from the provisions of the Companies Act.

The Mergers & Acquisitions Review - Fifth Edition - South Africa

South Africa continued to feel the effects of a sluggish global economy, albeit on a more limited basis as compared to the rest of the world. M&A activity started picking up in the early part of 2010 and this trend has continued in the first quarter of 2011. The uptick was more pronounced in cross-border deals in South Africa, inward investment into South Africa and general corporate restructurings. Many of the recent transactions (particularly in the resources sector) involved Chinese, Indian and Japanese parties. There were again relatively few black economic empowerment deals, which for a number of years provided great impetus to the South African M&A market.

PLC Cross-border Mergers and Acquisitions Handbook 2011/2012 - South Africa

PLC Mergers and Acquisitions Handbook 2011/12, Country Q&A.

Mergers & Acquisitions 2011 - South Africa chapter

Getting The Deal Through - Mergers & Acquisitions 2011 - South Africa chapter

Mergers and Acquisitions Review - 4th Edition - South Africa

Mergers and Acquisitions Review - 4th Edition - South Africa

Getting The Deal Through - Mergers and Acquisitions - South Africa

Getting The Deal Through - Mergers and Acquisitions - South Africa

PLC Cross-border M&A Handbook 2010/2011 - South Africa

The PLC Cross-border M&A Handbook for 2010/2011 - South Africa

PLC Mergers and Acquisitions 2009/10 South Africa by Tim Sukazi and Rudolph du Plessis

Reproduced with permission from Practical Law Company. This article was first published in PLC Mergers & Acquisitions 2009/10 (www.practicallaw.com)

The Mergers & Acquisitions Review Second Edition South African Chapter by Ezra Davids & David Yuill

Reproduced with permission from Law Business Research Ltd. This article was first published in The Mergers & Acquisitions Review, (published in September 2008 editor Simon Robinson).

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