RFG Holdings (RFG), the company behind iconic South African brands such as Rhodes, Bull Brand and Mama's Pies, has announced it will be acquired by Premier Group in a strategic merger that will see the 129-year-old company delist from the Johannesburg Stock Exchange (JSE).
The transaction offers RFG shareholders a premium and a continued stake in the food sector through ownership in a larger, more diversified entity.
The offer for RFG shareholders
Under the terms of the deal, RFG investors will receive one Premier share for every seven RFG shares they currently own. This exchange ratio implies a value of R22 per RFG share, representing a 35.6% premium over the company's closing price on October 14 2025.
Upon completion, current RFG shareholders will transition to holding a collective 22.5% stake in the newly combined group, which is projected to become a food industry titan with annual revenues approaching R28 billion.
The move has already garnered overwhelming support from major RFG shareholders, with investors holding 77.7% of the company's shares signalling their intention to vote in favour of the transaction. The deal is now subject to final regulatory approvals.
A new chapter for a storied company
Founded in 1896, RFG has a rich history of growth and adaptation. Since its listing on the JSE in October 2014, the company has successfully executed ten acquisitions, strategically expanding its product portfolio and entrenching its brands in the daily lives of consumers across Southern Africa.
Pieter Hanekom, CEO of RFG, described the merger as having a "compelling strategic rationale." He confirmed that to ensure stability and leverage RFG's operational expertise, the company's current senior management will continue to lead its operations within the new structure. This ensures continuity for customers, suppliers and employees.
The merger combines RFG's strength in convenience foods, canned goods and fruit products with Premier's extensive footprint in baking and staple groceries, creating a powerhouse with a complementary brand portfolio.
For RFG shareholders, this transaction marks the end of one era and the beginning of another, offering them a premium on their current investment and a stake in the future of a newly formed South African food giant.
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