The Competition Tribunal said on Thursday that Sovereign’s application against Country Bird had been dismissed with costs.
The tribunal would give a reason for the dismissal at a later stage.
Last week, Sovereign Foods brought an application to the tribunal to have any attempt by Country Bird to reinstate rights in the listed poultry producer or to acquire additional shares be considered a merger.
Sovereign claimed that Country Bird and connected parties had a stake of just less than 15% in the company, which they were building up ahead of the shareholder meeting on March 29 to block a broad-based economic empowerment deal from being approved.
The deal would secure control of Sovereign in the hands of management and a number of black investors.
At 11.50am, the stock was flat at R6.40 on the JSE, valuing the poultry group at R488m
Country Bird delisted from the JSE last year.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
