Bloomberg News

Mercantile Bank Surges to Highest in 13 Months on Bidvest Bid

July 01, 2011

July 1 (Bloomberg) -- Mercantile Bank Holdings Ltd., a South African lender, surged to the highest intraday level in 13 months after receiving an unsolicited takeover offer from Bidvest Group Ltd.

The stock soared for a second day, adding 4 cents, or 16 percent, to 29 cents by 9:03 a.m. in Johannesburg, the strongest intraday price since May 2010.

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net


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