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Nigeria’s Seven-Up bottling company has received an offer from its
majority shareholder Affelka to buy out minorities for 19.33 billion
naira ($60 million), vice chairman Sunil Sawhney told Reuters.
majority shareholder Affelka to buy out minorities for 19.33 billion
naira ($60 million), vice chairman Sunil Sawhney told Reuters.
Affelka
has offered to acquire 171.5 million shares from minorities at 112.70
naira per share, an 18 percent premium to Thursday’s share price of
95.50 naira.
has offered to acquire 171.5 million shares from minorities at 112.70
naira per share, an 18 percent premium to Thursday’s share price of
95.50 naira.
Shares in the soft drinks maker, which opened for trade at 92.50 naira, rose 5 percent on the news.
“As
of now we have received an offer from the majority shareholder of the
company. It’s a financial restructuring,” Sawhney told Reuters by phone.
of now we have received an offer from the majority shareholder of the
company. It’s a financial restructuring,” Sawhney told Reuters by phone.
He said the company has been making losses for
some time and that the deal was aimed at restructuring the company,
which distributes PepsiCo’s 7up, Pepsi and Mirinda brands of drinks.
some time and that the deal was aimed at restructuring the company,
which distributes PepsiCo’s 7up, Pepsi and Mirinda brands of drinks.
Sawhney
said delisting Seven-Up from the stock exchange after the takeover
would be “logical”. The takeover is subject to shareholder and
regulatory approvals, he said.
said delisting Seven-Up from the stock exchange after the takeover
would be “logical”. The takeover is subject to shareholder and
regulatory approvals, he said.
Earlier Seven-Up said its board
has received an offer from Affelka to acquire all outstanding shares
that it does not currently own. (Reuters)
has received an offer from Affelka to acquire all outstanding shares
that it does not currently own. (Reuters)
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