Hastings Group has confirmed that Rand Merchant Investment Holdings (RMI) is to buy up to 29.9 per cent of the business.
The deal sees South Africa-headquartered RMI buy the shares from the company's principal shareholder Hastings Investco and certain individual shareholders.
According to stock market rules, an intention to purchase more than 29.9 per cent in shares would have to result in a takeover bid.
Hastings detailed that the price per share is between 248p and 255p for an aggregate cash
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