Omnia Shareholders Approve Solar’s R21.8 Billion Cash Offer
Key Facts
Omnia shareholders have approved Solar’s cash takeover offer, which values the company’s issued share capital at R21.8 billion, bringing the deal closer to its next regulatory steps. The offer provides for a cash payment of R134.50 per share, according to Omnia’s announcement of the deal. The chief executive said in an interview with Moneyweb that the vote was one step in the deal process, while EWN reported that outstanding conditions remained after shareholder approval. The approval therefore does not mean the takeover is complete or that the company will be delisted immediately. The deal remains subject to the fulfilment of scheme conditions and regulatory approvals before it can be implemented.
The offer price is 30.98% above Omnia’s closing share price of R102.69 on the Johannesburg Stock Exchange on 10 September 2026, according to the company. It is also 35.73% above the volume-weighted average price over the 30 days ended on that date, which was R99.09. These comparisons set a specific cash value for the shares against their price before the deal was announced. Omnia announced the proposed offer on 14 September 2026. The total valuation of R21.8 billion remains subject to the implementation of the conditions set out in the proposed deal.
The approval came as Omnia reported growth in first-half results for its financial year, with revenue rising 2% to R11.4 billion in the six months ended 30 September 2026. Over the same period, operating profit rose 26% to R1.1 billion, EWN reported, citing the chief executive. Headline earnings per share increased 25%, while the operating margin widened to 9.9% from 8% in the same period a year earlier. Earnings before interest, tax, depreciation and amortisation also rose 21% to R1.4 billion, according to the Moneyweb interview. The figures show operating profitability improving at a faster pace than revenue during the period.
The chief executive attributed farmers’ slower purchasing decisions to El Niño and delayed rainfall, saying farmers in South Africa and the wider Southern African Development Community region had postponed their decisions. He said the rain arrived later and farmers made those decisions after it came. Across its businesses, the mining division generated more profit than the agricultural business in the first half, according to the chief executive. This gives an indication of the two sectors’ contributions to the period’s results, alongside the changing agricultural purchasing conditions he described. He did not link these results to the shareholders’ vote or their decision on the offer.
EWN reported that Omnia had positive net cash of R366 million at the end of the period, compared with R695 million in the corresponding period a year earlier. This followed the return of R1.2 billion to shareholders through dividends, according to the report. On the rationale for the proposed combination, Omnia said the deal could support its international expansion by widening market access and strengthening manufacturing capabilities and innovation. These benefits remain part of the company’s view of the proposed combination, while implementation depends on the outstanding conditions and procedures. The chief executive said the company expects to complete the deal in the second quarter of 2027, after which Omnia is expected to be delisted; the company will inform shareholders when the scheme conditions have been fulfilled or, where possible, waived.