Housatonic Partners made an offer to acquire Metrofile Holdings Limited (JSE:MFL) for ZAR 1.4 billion on September 6, 2019. The Board of Metrofile Holdings constituted an independent sub-committee of the board to assess and consider the terms of the approach. As of December 9, 2019, Housatonic Consortium has submitted a conditional non-binding offer to acquire the entire issued ordinary share capital of Metrofile by way of a scheme of arrangement for ZAR 3.30 per share. The cash consideration represents a 126% premium to the 30-day volume weighted average price of shares as at September 5, 2019. The transaction is subject to implementation agreement, Housatonic Consortium and Metrofile determining the consideration payable to beneficiaries of the Metrofile share incentive, conclusion of funding discussions between the Housatonic Consortium and one or more South African banks to fund the debt portion of the aggregate consideration, Conclusion of an arrangement between Housatonic Consortium and a suitable BBBEE partner and receiving irrevocable undertakings from members of the board and the Metrofile management team who hold shares, as well as from shareholders holding not less than 45% of the issued share capital of the Metrofile. The Board of Metrofile has convened an independent committee which comprises Phumzile Langeni, Lindiwe Evarista Mthimunye and Sindiswa Victoria Zilwa for purposes of evaluating the terms and conditions. As on March 30, 2020, Due to ongoing lockdown in South Africa has resulted in the Housatonic Consortium not being in a position to be able to finalise its arrangements with potential funding and BEE partners by March 31, 2020. Both parties have agreed to extend the date by which the Housatonic Consortium needs to finalise its arrangements with potential funding and BEE partners to May 31, 2020. The Independent Committee has appointed BDO Corporate Finance Proprietary Limited as the independent expert. The Standard Bank of South Africa Limited acted as a financial adviser and Cliffe Dekker Hofmeyr acted as a legal adviser to Metrofile Holdings. Housatonic Partners cancelled the acquisition of Metrofile Holdings Limited (JSE:MFL) on September 14, 2021. There have been no further substantive interactions with Housatonic and the board regards the process as termi-nated at the present time.