Linde South Africa Proprietary Limited made an offer to acquire 43.9% in African Oxygen Limited from group of sellers for ZAR 2.9 billion on October 16, 2020. The transaction can be implemented via a scheme of arrangement or via an open offer. Under the terms, 135.5 million shares will be acquired at a price of ZAR 21.18 per share. As a part of the transaction, African Oxygen will be delisted from stock exchange. The transaction will be funded from a combination of cash and debt. The bank guarantee of ZAR 2.9 billion will be provided by First Rand Bank Limited. If 90% of the shares of African Oxygen are acquired, compulsory acquisition will be conducted. The transaction is subject to approval by shareholders and Board of African Oxygen, court approval and regulatory approval. The meeting in respect of the transaction will be held on December 10, 2020. As of December 10, 2020, the transaction has been approved by the shareholders of African Oxygen. As of December 30, 2020, all the conditions in respect of the transaction have been fulfilled and African Oxygen will apply for delisting on January 6, 2021. The transaction is expected to close on February 28, 2021.Bowman Gilfillan Inc acted as legal advisor and Rand Merchant Bank acted as financial advisor to Linde in the transaction. Computershare Investor Services (Pty) Ltd and Transfer Secretaries (Proprietary) Limited acted as transfer agent to African Oxygen in the Edward Nathan Sonnenbergs Inc acted as legal advisor to African Oxygen and Investec Bank Limited acted as independent expert to provide fairness opinion to the independent board of African Oxygen in the transaction. African Oxygen expects to pay ZAR 2.9 million to Investec, ZAR 9,000 to Transfer Secretaries (Proprietary) Limited as well as ZAR 35,000 to Computershare.