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The eBearing News
August 23, 2005
Invicta Completes Bearing Man Acquisition
copyright © 2005 eBearing Inc.
Invicta Holdings Ltd. (South Africa; traded on the JSE as
IVT) has completed its
acquisition of Bearing Man Ltd. (South Africa) as a wholly-owned subsidiary.
In April, the company announced its intention to acquire all the outstanding shares
in Bearing Man it did not already own.
article: Invicta moves to acquire Bearing Man
Invicta now holds 99% of the outstanding shares of Bearing Man. Although Bearing Man
remains listed on the Johannesburg Stock Exchange (JSE) as BRM, trading was halted
in late July.
Because Invicta has acquired more than 90% of Bearing Man's outstanding shares, it was then able
to invoke an exchange rule requiring the few holdout shareholders to tender their shares
to Invicta at the offering price.
Subsequently, Invicta declared Bearing Man a wholly-owned subsidiary, and filed to
delist the company's stock from the JSE.
The delisting and stock decertification takes effect September 2, 2005.
Bearing Man is the largest distributor of bearings, power transmission and industrial equipment
across South Africa. Founded in 1974, it is also the dominant supplier of bearings and power
transmission equipment to sugar processors, paper and steel mills, motor parts and accessories, as
well as mining, earthmoving, and agriculture.
With almost 100 branch locations, and offering 24 hours a day, 7 days a week service, Bearing Man is
not only South Africa's dominant bearing distributor, but sells one out of every three bearings there. The
company has locations across South Africa, Namibia, Swaziland, Botswana, Mozambique and Zambia.
Separately, Bearing Man founder Greg Till has recently resigned from his post as Director of the company due to
lingering health issues.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2010, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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