Seven-Up Gets Takeover Offer From Majority Shareholder By Oluseyi Awojulugbe

Affleka SA, majority shareholder in Seven-Up Bottling Company, has offered shareholders of the company N112 to buy all ordinary shares owned by other shareholders.

According to a notice sent to the Nigerian Stock Exchange, the percentage of the shares to be bought is 26.78 percent.

“Affleka, the majority shareholder in SC, has informed the board of the intention to acquire all the outstanding and issued shares that it currently does not own,” the notice read.

“It is intended that the transaction will be executed through a Scheme of Agreement under section 539 of the constitution of Companies & Allies Matters Act Cap C20 laws of the federation of 2004 and other applicable rules and regulations.

“Affleka is offering N112.70 per share for the 171,542,574 ordinary shares of 50 kobo – representing 26.78% of the company’s issued share capital- that it does not presently own.

“The proposed scheme consideration represents a 15% premium on the trading on November 28, 2017.

“The company has received the Securities & Exchange Commission’s no objection to the scheme. The scheme is also subject to the approval of the shareholders at a court-ordered meeting as well as the federal high court.

“Shareholders are advised to exercise caution when dealing in SBC’s shares until a further announcement is made.”


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