Gov fund thwarted over buyout

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SOUTH AFRICA - The state pension fund manager rejected a R25bn (US$3.5bn) bid by Bain Capital for the retailer Edgars Consolidated Stores Ltd, in which it controls 3%.

However, investors controlling over 80% of the remaining stock agreed to the R46 per share offer and frustrated the state pension fund manager, Public Investment Corp (PIC), which had deemed the of...

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