South Africa's Curro relaunches $485 mln takeover bid for Advtech

JOHANNESBURG (Reuters) - South Africa's biggest private schools operator Curro Holdings Ltd on Thursday relaunched its $485 million bid for rival Advtech Ltd. Advtech's board rejected Curro's offer on Tuesday, saying it was not in the company's interests. Curro, however, has backing of Advtech's two biggest shareholders, who between them hold about 35 percent stake. The offer was resubmitted on similar terms to those in the bid spurned by Advtech's board, Curro said in a statement. Under the cash-and-share bid, which is at a 12 percent premium to Tuesday's closing price, Advtech shareholders were offered 1 share for every 2.59 they hold at 13 rand per share and at least 50 percent cash for those not willing to accept shares. "Minority shareholders will likely be able to receive 100 percent cash, as many of the major Advtech shareholders have indicated a preference for Curro shares," Curro said. Shares in Advtech were up 1.56 percent at 12.39 rand, slightly below the bid price. The deal, if successful, could create an education company valued at more than $1.5 billion with enough financial muscle to roll out more private schools in Africa's most advanced economy. Coronation Fund Managers and Kagiso Asset Management are Advtech's biggest shareholders holding about 24 percent and 11 percent, respectively.