Another day, another small cap delisting. Interwaste says Sch' Environment's R1.20 per share offer represents a materialise opportunity for shareholders to realise value.

France's Sch Environment has made an offer to buy Interwaste in a move that could see the waste management company delisted from the JSE.

The French water recovery and treatment company has offered Interwaste shareholders R1.20 per share in cash. That's a 47.9% premium to the 30-day volume weighted average share price of Intercaste's shares as at 28 September, the trading day before it announced that it was in talks. Its shares closed at 80c that day.

Sch operates in 15 countries around the world and says buying Interwaste will help it expand its offering to a broader customer base, including the high value-added target segments of industrial, oil and gas and mining customers. It says the tie-up will also result in synergies that will benefit both companies. It's working with local subsidiary Sch SA on the deal.

Interwaste listed on the JSE in June 2007 and progressed to a Main Board listing in November 2014. It said its board's present view was that the offer represented a material opportunity for shareholders to realise value from their investment in the company.

Shareholders representing 47% of its shares and who will be eligible to vote those shares at a scheme meeting had already given irrevocable undertakings to vote in favour of the deal, it said. In the meantime, it's convened an independent board to evaluate the deal and advise the remaining shareholders on its merits.

Its shares closed unchanged at 97c on Friday. The offer was announced after the close of trade.

Interwaste offered 120cps in buy-out and delisting. Out late on Friday. Another day, another small cap delisting..

-- Keith McLachlan (@keithmclachlan) November 3, 2018