Bain Facing Edgars Opposition

Bain Capital is facing some shareholder opposition to its proposed $3.5 billion buyout of South African retailer Edgars Consolidated Stores Ltd. (Edcon). PIC, which holds a 10.1% stake, says that it is voting against the deal, as are Templton Asset Management (3%), Aberdeen Asset Mangement (2%) and Columbia Wagner Asset Management (2%). If completed, the deal would be the largest-ever leveraged buyout of a South African company.