A bad deal, IMO. At R25 a share, they are paying around 1.5* the fixed asset value of a revenue generating asset. There is a reason they are doing this. Illovo owns around 64k hectares of land in one of the few environments globally of producing food on the scales needed to feed a global population. Just sugar alone is an industry where demand is set to outstrip supply. This is a strategic asset being 'colonised' for lack of a better description (although some would argue that Illovo colonised the land in the first place -:). They are getting this at beat down prices thanks to a drought (which is seasonal and likely to end soon)