7-Up’s major shareholders to buy shares held by the minors
Shareholders of Seven-Up Bottling Company Plc, on Thursday, approved a plan by the majority shareholder, Affelka SA to acquire the outstanding 26.8 per cent shares held by the minority shareholders.
At a court-ordered meeting in Lagos, shareholders approved the scheme of arrangement for the acquisition. With the ongoing acquisition process, Affelka SA will increase its ownership of the Nigerian soft-drink company to 100 per cent by acquiring all the outstanding and issued shares, previously held by the minority shareholders.
In consideration for the transfer of the shares, a payment of ₦125 per scheme share will be made to each shareholder. This payment represents a 22.6 per cent premium on the last traded share price of Seven-Up on January 9, 2018 and a 27.6 per cent premium on the share price as at close of August 9, 2017 being the last business day prior to the date the initial proposal was received from Affelka.
Chairman, Seven-Up Bottling Company Plc, Mr. Faysal El-Khalil said the acquisition will create considerable benefits and opportunities for all stakeholders of the company while also helping to protect minority shareholders from a continuous erosion of value.
“Furthermore Seven-Up Bottling Company Plc is again assured of Affelka’s long term commitment to the company and Nigeria,’’ El-Khalil said.
Chapel Hill Denham Advisory Limited acted as Financial Advisers and Aelex Partners, Solicitors to the Company.