Geomer Investments Proprietary Limited made a mandatory cash offer to acquire the remaining 57.6% stake in Esor Limited (JSE:ESR) for ZAR 79.9 million on October 21, 2016. Under the terms, Geomer Investments will acquire the remaining 210.22 million shares, representing 57.6% stake it does not already own in Esor Limited for ZAR 0.38 per share in cash. Geomer Investments has sufficient cash resources and/or facilities to undertake the mandatory offer. An independent sub-committee of the Board of Directors of Esor which shall be comprised of at least 3 Directors of Esor will be formed for the purposes of considering the offer. As of October 21, 2016, Geomer Investments holds 154.71 million shares and Esor Limited, ESOP, Bernard Krone, Esor Construction Proprietary Limited, Rapidough Properties 471 CC, Willem Deon Nel, Warren Clifford Van Der Vyver, and Wessel Cornelius Van Zyl holding 5.76%, 2.74%, 2.53%, 1.32%, 1.3%, 0.55% and 0.22% stakes respectively, provided irrevocable undertakings not to accept the offer and no shareholder provided any irrevocable undertaking to accept the offer. The offer is expected to commence on or about November 3, 2016 and will be open for a minimum period of 30 business days. As a part of the offer, Geomer does not intend to change the nature of Esor's business following the completion of the transaction. The transaction is subject to the approval of regulatory and competition authorities. As on November 15, 2016, the approval from the Competition Authorities has been obtained and the offer has become unconditional. The offer will now close on December 23, 2016. Vunani Corporate Finance acted as a financial advisor to Geomer Investments.