A bidding war may have started for JSE and Altx-listed central and eastern Europe property investment group MAS, between Prime Kapital Investment Holdings (PKI), which on Wednesday doubled its cash offer to a maximum of €80 million (R1.43 billion), and South African retail-focused property Hyprop.
PKI’s lifting of its offer for 65% of MAS followed a notice by Hyprop a day before that it wishes to acquire control of MAS in a share-for-share or share-for-cash deal, which would be determined based on the closing market price of MAS shares on May 23, 2025, rather than the lower PKI cash offer price of €0.85 per MAS share, as announced by MAS on May 16, 2025.
PKI has subsequently increased its cash offer from €0.85 per share to €1.10 per share. PKI is a real estate developer, investor, and operator in Central and Eastern Europe, specialising in retail, residential, office, and mixed-use developments.
PKI said it had been meeting representatives of other MAS shareholders to discuss its voluntary bid, how it would enable the Prime Kapital Holdings leadership team to assist MAS in addressing its vulnerabilities, and to provide an exit opportunity and value unlock for MAS shareholders.
PKI said it had raised its offer following these meetings.
Hyprop said their bid would give MAS shareholders an opportunity to exchange their MAS shares for more liquid JSE and A2X-listed shares in Hyprop and to continue to participate in the future growth of Hyprop and MAS.
On the JSE, MAS’s share price rose by 1.88% to R19.53, or approximately €0.96 per share, on Wednesday afternoon.
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