Excelsior to Acquire Flour Mills of Nigeria Minority Shareholders
Excelsior, Flour Mills of Nigeria (FMN) Plc’s majority shareholder has moved to acquire the non-controlling interest or minority shareholder interest in the fast moving consumer goods company. Following the announcement, share price increased by 10%, or N5.50, on the Nigerian Exchange (NGX) to settle at N60.50 on Wednesday.
In an official statement, Flour Mills of Nigeria Plc notifies Nigerian Exchange Limited that it received an offer from the majority shareholder – Excelsior Shipping Company Limited – to acquire all the shares held by the minority shareholders in Flour Mills.
According to FMN, a scheme of arrangement between the company and the minority shareholders will be used to carry out the transaction. Under the terms of the scheme, the minority shares—being all the outstanding shares of Flour Mills not already held by Excelsior—will be acquired by Excelsior.
The Securities & Exchange Commission has given the scheme its “No Objection,” according to the company. Flour Mills has also obtained an Order of the Federal High Court to convene a Court-Ordered Meeting on Thursday November 14, 2024, at 10:00 a.m. The fast moving consumer goods company said the court-ordered meeting will be convened to consider the transaction.
“The scheme is also subject to the approval of the shareholders of Flour Mills at the court-ordered meeting as well as the sanction of the Federal High Court,” the statement reads. #Excelsior, Flour Mills of Nigeria (FMN) Plc’s majority shareholders, has moved to acquire the non-controlling interest in the food company. CBN Defends Naira with $39m in Forex Market
