Calisto takes majority interest in Cartrack, triggering mandatory offer

Minority shareholders in JSE-listed Cartrack have, so far, declined a mandatory offer by investment holding firm Karoo and Cartrack founder and CEO Zak Calisto to buy their shares as part of a mandatory offer at R13.44 a share. Karoo, in which Calisto is the sole shareholder, has acquired a 68.2% interest in Cartrack for about R2.7-billion. Along with Calisto’s direct interest in Cartrack, he now owns 68.5% of the company.