Shareholders hold crucial voting as 7-Up’s core investor entices Nigerian minorities to sell stakes

Shareholders of Seven-Up Bottling Company Plc will today Thursday January 11, vote on a bid by Affelka SA, the foreign majority core investor in Seven-Up Bottling Company to buy out all minority shareholders.

Affelka yesterday (Wednesday January 10) increased its bid price by 10.9 per cent to N125 ahead of today’s crucial voting by shareholders of the soft-drink bottling company on the controversial buy out.

Affelka SA had launched a bid to buy all outstanding shares held by minority shareholders in the company. It had offered N112.70 per share for the 171.54 million ordinary shares of 50 kobo each held by the minority shareholders, representing 26.78 per cent of Seven-Up Bottling Company’s issued share capital.

Read also: NNPC unveils 254 firms bidding for Nigeria’s oil lifting contract

The new bid price of N125 represents 27.6 per cent premium on the last traded share price of the company on August 10, 2017, the last business day prior to the date the proposal was received from Affelka SA by Seven-Up Bottling Company’s board.

According to the proposal, the acquisition would be carried out through a scheme of arrangement under Section 539 of the Companies and Allied Matters Act (CAMA) and other applicable rules and regulations.

The meeting today, on the order of the Federal High Court, followed the approval of the board of Seven-Up and the receipt of a “No Objection” approval from the Securities and Exchange Commission (SEC).

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now