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South Africa's Efficient Group receives takeover offer from Apis

South African financial services company Efficient Group Ltd. has received a takeover offer from Mauritius-based Apis Growth 12 Ltd.

Efficient said Apis Growth 12 submitted a nonbinding expression of interest to acquire all issued ordinary shares, excluding 81,352,863 shares held by Sasfin Wealth Pty. Ltd., TBI Strategic Partners Pty. Ltd., Grondputs Beleggings Pty. Ltd., Heiko Weidhase and family, Dawid Roodt and Stefanes Booysen and family.

Apis would thereafter apply to have Efficient delisted from the Johannesburg Stock Exchange.

An independent board will be established to consider the terms of the offer, Efficient said.