Joffe’s Long4Life to acquire Sportsmans, Outdoor Warehouse

Business mogul Brian Joffe’s new investment holding company, Long4Life, which recently debuted on the JSE, has announced its intention to acquire local cash retailer Holdsport, which trades as Sportsmans Warehouse and Outdoor Warehouse. With Long4Life’s offer being implemented by way of a scheme of arrangement, Holdsport shareholders can receive 12.10 ordinary shares in Long4Life for each Holdsport share held, or they can receive 11.20 Long4Life shares and R5 in cash for each Holdsport share, subject to a maximum aggregate cash consideration of R204-million. The total cash to be paid out will not exceed this amount and will be funded by Long4Life using its existing cash resources.