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JOHANNESBURG, Nov 20 (Reuters) - South African brand management group Barloworld said on Thursday it had made a firm cash and share offer to acquire the 65.3 percent of Avis it does not already own for a total 1.42 billion rand ($215.4 million).
Avis shareholders will receive 970 rand in cash and five Barloworld shares for every 100 Avis shares held, the firms said in a joint statement.
This translates into 1.085 billion rand in cash and 335 million rand in Barloworld shares, in a deal that values 100 percent of Avis at about 2.175 billion rand.
The firms said based on a price of 60 rand per Barloworld share, the consideration amounted to 12.70 rand for each Avis share -- a 21 percent premium on Avis' closing price of 10.50 on Wednesday.
"Owning 100 percent of Avis forms part of Barloworld's strategy to re-position and refocus its motor division," the firms said.
"This will enable the motor division to provide a full range of motor solutions and a totally integrated offering in line with Barloworld's overall strategic focus on building smart partnerships with its global customer base."
Barloworld is the world's largest independent lift truck dealer with businesses in the United States, Europe and Australia. It also has interests in capital equipment distributors, auto-dealerships, construction and financial services.
The firm has a 34.7 percent stake in car-hire firm Avis and said it had received irrevocable undertakings in favour of the offer for Avis from investors holding 30.5 percent of the total Avis shares in issue or 46.8 percent of the minority shares.