Bridgestone Minority Opposes Buyout

A minority shareholder of Bridgestone Firestone Maxiprest, South Africa, wants to block the company’s proposed minority shareholders’ buyout scheme according to news reports.

The company offered minority shareholders Rand 115 cent a share. It said 35.5 per cent of shareholders had voted in favour of the scheme. However, Peter Burmeister urged shareholders to reject the offer. He said the company should pay shareholders 140c per share.

Bridgestone Firestone Maxiprest company secretary Gordon Sinclair said yesterday that the three independent non-executive directors “whose primary responsibility is to look after the interests of minority shareholders, would not agree to the scheme if it was unfavourable to (them)”.

Shareholders will vote on the offer next Monday.