Buyout Offer for EnviroServ

JOHANNESBURG, Aug 4 (Reuters) – South Africa's EnviroServ Holdings (ENVJ.J: Quote, Profile, Research, Stock Buzz) has received a buyout offer from a private equity group worth as much as 1.88 billion rand ($260.9 million), the company said on Monday.

EnviroServ said in a statement Parchment Trading 72, an entity affiliated with Absa Capital Private Equity, had offered 16.60 rand per share.

It said shareholders who own about 38.15 percent of the shares, with 49.52 percent of the voting rights had conidtionally agreed to accept the offer.

The company also declared a special cash dividend of 35 cents per share.

EnviroServ said the offer represented a 41.9 percent premium to the closing price of its shares before the company said in July it was in talks that could affect its share price.

Merrill Lynch has been appointed to advise EnviroServ on the offer.

Shares in the company closed 6.77 percent higher at 14.20 rand. (Reporting by Johannesburg newsroom; ; Editing by Greg Mahlich)