Hyprop bids for MAS with unregulated offer

Hyprop Investments proposes acquiring MAS shares at 0.42224 Hyprop shares per MAS share or R24.00 cash per share, capped at R800 million.

The offer implies a 34.53% discount to MAS's net asset value for cash and 48.96% discount for shares. MAS's independent board highlights risks including indefinite lock-in periods and Hyprop's unilateral ability to change terms.

The bid remains largely unregulated under JSE and Maltese rules.