PZ Cussons Market Price Falls Below Offer Rejected by SEC
PZ Cussons shed more than 22% of its market value in the stock market due to negative sentiment. Last week, the market price of the company share plunged to N21.60 from N27.275 amidst weak earnings performance.
As a result price depreciation, the company’s market value dipped by 22.2% to N85.762 billion, according to details from the Nigerian Exchange. PZ Cussons majority shareholders had offered to buy out minority or non-controlling interest in the consumer goods company amidst plan to go private.
The offer which was made to its shareholder priced at N23 was rejected by the Securities Exchange Commission amidst negative shareholders fund.
MarketForces Africa reported that in March, its majority shareholders offered to buy its minority shareholders out at N23 per share. Last week, the company’s 3.970 billion outstanding shares were priced at N110.18 billion, according to stock market data tracked.
In a notice, the company told the Nigerian Exchange that Securities and Exchange Commission declined the company’s request for its No Objection to its majority shareholders intention to acquire the shares held by all the other shareholders at an offer price of ₦23 per share.
PZ Cussons Nigeria Plc posted more than N94.78 billion as net loss attributable shareholders, according to its unaudited 9-months 2024 financial statement.
The large negative earnings dragged shareholders’ funds. According to the financial data, PZ Cussons capital has been wiped off, equity fund is currently N46.20 billion negative. # PZ Cussons Market Price Falls Below Offer Rejected by SEC Equities Market Wrap: Investors Sentiment Remains Downbeat
