The South African Competition Tribunal has given its unconditional approval for Bytes Technology Group (BTG) to acquire CS Holdings (CSH) after the offer had being extended twice already, due to conditions not being fulfilled.

All but one condition precedent has been fulfilled, the acquisition deal is still dependent on the acceptance of the offer by CSH shareholders holding in aggregate not less than nine-tenths (90 percent) of the issued share capital of CSH.

This will permit BTG to invoke the provisions of section 440K of the Companies Act No 61 of 1973, as amended, which will allow BTG to acquire, under the terms of the original offer, those shares held by shareholders who do not accept BTG?s offer.

One BTG share for every 37 CSH shares is BTG?s offer to acquire CSH?s entire issued share capital.

CSH shareholders wishing to accept the offer are now requested to accept immediately so that on attainment of the 90 percent acceptances level BTG can invoke the provisions of Section 440k; and issue the offer consideration to those CSH shareholders who have accepted the offer within five business days thereof, as contemplated in the circular to CSH shareholders dated Oct. 8. Both BTG and CSH urge CSH shareholders to accept the offer.