Competition Tribunal Approves Mustek-novus Deal

According to a tribunal statement on Tuesday, the deal was approved subject to "employment-related public interest conditions".

Novus was legally compelled to make a mandatory offer to Mustek shareholders last November after its shareholding in the technology distributor breached the 35 mark.

An offer comprising a cash consideration of R13/share or a cash amount of R7/share plus one ordinary share in Novus for each Mustek share held or two Novus shares for each Mustek share tendered was then made to shareholders.

The deal hit a speed bump in February when the Takeover Regulation Panel TRP, an independent body reporting to the minister of trade, industry competition, concluded that Mustek shareholder the DK Trust acted as a "concert party" to Novus's bid to acquire Mustek.