AfSun pushes Dawn takeover through court

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AFRICAN Sun (Afsun) has obtained a court order compelling minority shareholders in Dawn Properties (Dawn), who had refused to accept its offer to buy their stock in a takeover of the company, to surrender.
Following the original offer, which was floated in 2020 – and subsequent follow-ups as well as threats of legal action – AfSun now holds a 94,78 percent stake in the company but shareholders holding 5,22 percent have resisted the takeover, citing prejudice.

“Holders of the remaining shares are hereby notified that AfSun obtained a court order… from the magistrates court in Harare on March 14, 2022,” the company said in a statement last week.
“The effect of the court order is that AfSun is entitled and bound to acquire all such remaining shares on the same terms that applied to the shares whose holders accepted the original offer.”