{"id":543788,"date":"2021-12-03T11:34:39","date_gmt":"2021-12-03T09:34:39","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=543788"},"modified":"2021-12-03T11:42:44","modified_gmt":"2021-12-03T09:42:44","slug":"old-mutual-makes-multi-billion-rand-cash-offer-for-sportsmans-warehouse-and-sorbet-owner","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/543788\/old-mutual-makes-multi-billion-rand-cash-offer-for-sportsmans-warehouse-and-sorbet-owner\/","title":{"rendered":"Old Mutual makes multi-billion rand cash offer for Sportsmans Warehouse and Sorbet owner"},"content":{"rendered":"

Shares in Long4Life, the company owned by entrepreneur Bidvest founder Brian Joffe, soared in trade on Friday (3 December), on news of a multi-billion rand acquisition proposal from Old Mutual\u2019s private equity arm.<\/p>\n

Long4Life advised its shareholders in a note that it has received a cash offer from Old Mutual Private Equity to acquire all of the ordinary shares in Long4Life for a purchase consideration of R5.80 per Long4Life share, and the subsequent delisting of Long4Life from the Johannesburg Stock Exchange.<\/p>\n

The group’s net asset value per share at the end of August 2021 stood at R7.27, while its market cap is R3.86 billion.<\/p>\n

Shares in Long4Life traded more than R2.00 or 63% higher in mid-morning trade on the JSE, to R5.37, having hit a peak of R5.83 in afternoon trade on Thursday, and is coming off a 52-week low of R3.03.<\/p>\n

Prior to the submission of the formal proposal, OMPE has successfully concluded a due diligence investigation in Long4Life.<\/p>\n

Long4Life owns retailers Sportsmans Warehouse, and Outdoor Warehouse, along with beauty-salon chain Sorbet, and a beverage unit with brands including Score energy drinks and Fitch & Leedes.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: Brian Joffe banking on gin and tonic-fuelled summer to lift Covid-19 gloom in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Long4Life, the company owned by entrepreneur Bidvest founder Brian Joffe, soared in trade on Friday (3 December), on news of a multi-billion rand acquisition proposal from Old Mutual\u2019s private equity arm – Old Mutual Private Equit<\/p>\n","protected":false},"author":10,"featured_media":543812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,11855,1110,16496],"class_list":["post-543788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-long4life","tag-old-mutual","tag-sportsmans-warehouse"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/543788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=543788"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/543788\/revisions"}],"predecessor-version":[{"id":543836,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/543788\/revisions\/543836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/543812"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=543788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=543788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=543788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}