Pioneer, which features Sasko, Boko Foods and the Ceres Beverage Company, made a firm offer in December to buy KWV for $116m.
A statement said: “KWV has received confirmation from certain significant shareholders that due to the offer price and possible adjustment thereof, they will not support the proposed scheme. Parties have therefore agreed to terminate the scheme process.”
Pioneer had planned that the acquisition would help it expand into the regions wine and brandy markets.
Source: KWV
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