Greenbay Properties Ltd. (MUSE:GFP.N0000) made an offer to acquire European assets and businesses from Group Five Limited (JSE:GRF) for ZAR 1.6 billion on October 13, 2017. The acquisition includes European concession stakes, Bulgarian assets and Intertoll Europe operations & maintenance contracts. The offer remains open for acceptance by Group Five until October 20, 2017. The transaction is subject to consummation of due diligence, necessary regulatory approvals, approval by Group Five's shareholder and third parties waiving their respective rights. Group Five has constituted an independent board to consider the terms and conditions, as well as the merits, of the offer. If the offer is not accepted by Group Five Limited till October 20, 2017, it will lapse. The Standard Bank of South Africa Limited acted as financial advisor and Norton Rose South Africa acted as legal advisor to Group Five. Webber Wentzel acted as legal advisor to Greenbay Properties Ltd.

Greenbay Properties Ltd. (MUSE:GFP.N0000) cancelled the acquisition of European assets and businesses from Group Five Limited (JSE:GRF) on October 13, 2018.