Hyprop offered MAS shareholders<\/a> the opportunity to sell their MAS shares in exchange for Hyprop shares and\/or for cash. <\/p>\n\n\n\nHypop said that a development joint venture (DJV) with Prime Kapital, MAS\u2019s largest shareholder and a rival bidder for MAS, is a point of contention with South African institutional investors. <\/p>\n\n\n\n
Prime Kapital has openly criticised the bid from Hyprop. Its CEO, Martin Slabbert, was previously the CEO of MAS.\u00a0<\/p>\n\n\n\n
Hyprop said that a condition of its bid to acquire MAS depends on it getting access to the DJV.<\/p>\n\n\n\n
This would allow Hyprop to assess the risks to MAS and Hyprop and to provide equal access and fair treatment to both Hyprop and Prime Kapital.<\/p>\n\n\n\n
Hyprop requested a copy of the DJV agreements from MAS on top of the summary of the DJV that MAS provided on SENS earlier this month. <\/p>\n\n\n\n
\u201cAs stewards of a listed company owing a duty of care to Hyprop shareholders, it is prudent for Hyprop to undertake its own due diligence on the agreements before proceeding with the bid.\u201d<\/p>\n\n\n\n
However, MAS refused to make the DJV agreements available without the consent of Prime Kapital, which it refused.\u00a0<\/p>\n\n\n\n
MAS did not provide Hyprop with any reasons for the refusal by Prime Kapital. \u201cSuch refusal by the MAS board and Prime Kapital is inexplicable,\u201d said Hyprop.<\/p>\n\n\n\n
\u201cIf the summary of the DJV agreements made available by MAS is complete and accurate, the DJV agreements are no longer confidential\u2026 and should be made available to Hyprop.\u201d <\/p>\n\n\n\n
The MAS board refused to disclose the DJV agreements to Hyprop, meaning that a material condition of the voluntary bid has not been fulfilled.\u00a0<\/p>\n\n\n\n
Despite approaching the JSE, Hyprop said the request is unlikely to be fulfilled.\u00a0<\/p>\n\n\n\n
The group believed its bid could create value for MAS shareholders, but has now terminated the offer as one of the non-negotiable conditions \u201cwill apparently not be fulfilled.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Hyprop has withdrawn its bid to acquire a significant portfolio of shopping malls, because of the targeted group’s refusal to share important information. <\/p>\n","protected":false},"author":95,"featured_media":832990,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[15005,23177,23178],"class_list":["post-832988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-hyprop","tag-mas","tag-prime-kapital"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832988","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=832988"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832988\/revisions"}],"predecessor-version":[{"id":832997,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832988\/revisions\/832997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/832990"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=832988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=832988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=832988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}