South Africa's Vox Telecom announced that it has received a takeover offer from a consortium comprising the Lereko Metier Capital Growth Fund and Investec Bank. Vox shareholders can receive ZAR 0.45 per share, maintain their investment and receive one BidCo share for every ten Vox shares, or take a combination of cash and shares. Vox said the bid offers a 23 percent premium on the volume-weighted average share price in the last 30 days. The total value of the deal is ZAR 499 million. Over half (53.4%) of shareholders entitled to vote have already pledged their support for the offer, and the independent board of Vox Telecom gave its unanimous support to the transaction, subject to receiving a favourable opinion from KPMG, the independent advisor to Vox. The offer follows the completion of a limited due diligence process by the consortium and is subject to the fulfillment of a number of conditions, including shareholder and regulatory approval. If the transaction is approved, the management team will be strengthened with the addition of Angus MacRobert, who will join the newly delisted company as joint CEO alongside Doug Reed, Vox's current CEO. MacRobert is a former CEO of the ISP Internet Solutions. Vox had planned to raise capital through its AltX listing, but a lack of interest from institutional investors in small caps has made this difficult. The company first alerted investors in September 2010 that it was in talks on a possible strategic deal.
