South Africa's Advtech talks to other suitors as it fends off Curro bid

JOHANNESBURG (Reuters) - South African private education firm Advtech is talking to other potential investors and has not referred a takeover bid by larger rival Curro Holdings to shareholders, the company's acting chief executive said on Tuesday. If Curro wants to make an offer for Advtech it should take it directly to shareholders, Advtech CEO Frank Thompson told reporters after his company's annual general meeting. Thompson said Advtech has received several formal and informal expressions of interest from other firms, some of them international, for "partnership" but did not name any of the suitors. Asked whether any of the discussions involved a takeover offer, Thompson said "none so far". Advtech's board last week rejected Curro's 6 billion rand ($478 million) proposal and refused to refer it to shareholders, claiming that it was not in the best interest of the company or the parents and children in its high-end private schools. If successful, the takeover would create a $1.5 billion private education giant which Curro's chief executive Chris van der Merwe said would be a "continental champion". Shareholders re-elected all the nominated directors at the meeting. Thompson said this showed support for the board's decision not to refer Curro's 13 rand per share offer of cash and shares to shareholders. Advtech shares fell 0.33 percent to 12.25 rand by 1210 GMT after rising more than 30 percent over the past two months. ($1 = 12.5585 rand)