South Africa Advtech rejects takeover offer from rival Curro, shares tumble

The owner of upscale schools and colleges said its board decided unanimously that Curro's offer was "not in the best interests" of Advtech.

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People chat in front of an electronic board displaying movements in major indices at the Johannesburg Stock Exchange building in Sandton Johannesburg July 9, 2015. REUTERS/Siphiwe Sibeko play People chat in front of an electronic board displaying movements in major indices at the Johannesburg Stock Exchange building in Sandton Johannesburg July 9, 2015. REUTERS/Siphiwe Sibeko
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South African private education group Advtech said on Tuesday it had rejected a takeover offer from its bigger rival Curro Holdings, sending its shares tumbling.

The owner of upscale schools and colleges said its board decided unanimously that Curro's offer was "not in the best interests" of Advtech. The firm's shares fell nearly 6 percent to 11.25 rand by 1415 GMT.

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