'The Tekkie Town owners were greedy enough to take Steinhoff shares instead of cash' - Piet Viljoen
Counterpoint Value Fund manager Piet Viljoen took centre stage as Tuesday's BizNews Power Hour co-host, with the veteran analyst unpacking the nitty gritty of the Steinhoff settlement saga. Viljoen outlines the risk inherent in Steinhoff shares after yesterday's court hearing and states that there is a possibility that ordinary shareholders will be left with nothing. Viljoen lambasts the Tekkie Town owners, who he believes should have been more cautious in their decision to take Steinhoff shares for the business. Lastly, the Naspers stable latest acquisition of Indian payments gateway company BillDesk is discussed, with Viljoen pointing out that growth via acquisition is a very risk strategy as 'sellers always know more about the business.'