Reported about 9 hours ago
Barloworld Ltd. shareholders have turned down a takeover proposal from Saudi Arabia's Zahid Group, which aimed to acquire the South African company at 120 rand per share, valuing it at approximately $1.25 billion. The rejection triggered a standby offer for the same price. Key shareholder Public Investment Corp. and other investors expressed concerns over corporate governance and deemed the offer insufficient, leading to the stock's decline.
Source: YAHOO