Capitau misses deadline for Avusa purchase offer

Media group Avusa yesterday withdrew its cautionary announcement relating to the unsolicited expression of interest it received from a consortium led by private equity firm Capitau Holdings in March to acquire the entire issued share capital of the media and entertainment group.

Avusa said following conclusion of a due diligence investigation on August 24, the consortium has not delivered a firm intention to make an offer to the company on or before September 7, as required by the due diligence agreement.

At market close yesterday, Avusa shares were unchanged at R22.70. The offer by Capitau was reported to be R26 cash a share.