Mustek

Mustek Limited is a JSE-listed technology distributor that was the target of a mandatory offer by Novus Holdings. The TRP (Takeover Regulation Panel)‘s December 2025 ruling in the Novus/Mustek case — prompted by an Albie Cilliers complaint — found that Novus and its broker Numus Capital acted in concert, triggering a mandatory price increase from R13.00 to R15.41 per share. The case established the four-element Concert Party test and confirmed that CFD arrangements can constitute beneficial interests in underlying shares, both precedents directly applicable to the AttBid Proprietary Limited transaction.

Connections

• Novus Holdings — acquirer in whose mandatory offer the TRP intervened
• TRP (Takeover Regulation Panel) — issued the December 2025 ruling
• Albie Cilliers — filed the complaint that triggered the ruling
• Concert Party — the ruling’s key legal output