African Media Entertainment (AME) has made an offer to buy Moneyweb, the company announced.
The cash-based deal, with a share alternative, will see AME pay around R27.5 million for Moneyweb – after which Moneyweb will be delisted from the JSE.
“The cash-based offer will be priced at R0.26 per Moneyweb share whilst the offer to be settled in AME shares will be priced at R0.28 per Moneyweb share,” said Moneyweb.
AME has made an offer to acquire all of the issued ordinary shares of Moneyweb, excluding 1,000,000 ordinary shares already held by AME and 1,197,196 treasury shares held by Moneyweb.
AME currently runs multiple radio stations in South Africa, including Algoa FM, OFM, and Radio Heads, and the deal is part of a play to expand its presence in the media field.