IA Bell and Company (Pty) Limited made a non-binding expression of interest to acquire additional 29.9% stake in Bell Equipment Limited (JSE:BEL) for approximately SAR 290 million on March 9, 2021. Bell Equipment and IA Bell entered into an implementation agreement on October 6, 2021. Under the terms of transaction, IA Bell made indicative offer price is SAR 10 per share in cash to acquire the entire issued ordinary share capital of Bell. Offer price is same offer which he made to John Deere Construction and after which it will own 70.1% stake in Bell. Transaction is subject to the fulfillment of certain conditions precedent, and further subject to the Deere transaction becoming unconditional and being implemented. The Board has been advised by IA Bell that there is no intention to on-sell all or any of its shares in the Company. As of October 22, 2021, The Independent Expert has issued its Fair and Reasonable Opinion confirming that the terms of the Scheme and the Scheme Consideration are fair and reasonable basis which Independent Board comprises of John Robert Barton, Derek Hamilton Lawrance, Hendrik Roux van der Merwe, Rajendran Naidu and Mamokete Emily Ramathe (is of the opinion that the Scheme Consideration is fair and reasonable and has resolved to recommend to Eligible Shareholders that they vote in favour of the Scheme Resolution. As on November 23, 2021, IA Bell has resolved not to increase the Scheme Consideration and has thus confirmed to the Independent Board that no increased Scheme Consideration will be forthcoming by December 2, 2021, being the last date for the fulfilment of this Scheme Condition, post which Bell Equipment Shareholders are advised that the Scheme will not be proposed by the Bell Equipment Board to Eligible Shareholders. BDO Corporate Finance Proprietary Limited appointed as independent expert to IA Bell. Merchantec Capital Corporate Advisor and Transaction Sponsor, Bravura Capital acting as a corporate advisor to IA Bell. Webber Wentzel acting as a legal advisor to Bell equipment and ENSafrica to IA Bell.