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Peregrine management drops buyout plan, shares fall

Peregrine management drops buyout plan, shares fall thumbnail

South African wealth and asset management firm Peregrine Holdings Limited said on Friday a management buyout plan had been axed, hitting its shares.

“The board has today received written notice that the consortium has resolved to withdraw its expression of interest,” Peregrine said in a statement.

Shares in Peregrine fell almost 7 percent on the news. The stock was trading 5.59 percent lower at R7.60 by noon, valuing the company at 1.73 billion rand.

The company said in November a consortium led by Chairman Sean Melnick planned to make a firm offer in March to buy all of Peregrine, and gave the group permission to undertake due diligence. It did not indicate the pricing of any bid.

Reuters



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