PZ Cussons Offers N22.28bn to Take Out Minority Shareholders
PZ Cussons Nigeria Plc’s core shareholder ( PZ Cusson Holdings Limited) has announced an offer of N22.28 billion to take out the minority interest in the company, according to a regulatory filing.
PZ Cussons Nigeria Plc told the Nigerian Exchange Limited and the investing public that PZ Cussons its core shareholder has informed the Board of Directors of its intention to acquire the shares held by all the other shareholders of PZCN.
The transaction, according to the regulatory filing, is subject to prevailing market conditions, at an offer price of ₦21 per share. Compared with the closing price, the offer translates to a 9.66% premium of non-controlling interest in the consumer goods company.
Minority shareholders in the consumer goods company control 26.73% of the outstanding shareholders, according to analysts’ review.
The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities.
In their offer, the PZ Cussons Group explained that they believe the transaction is necessary in order to enable them to significantly simplify and strengthen operations in Nigeria.
Its largest shareholders said it seeks to create the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business.
It added that PZ Cussons has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the Group for many years to come. It is intended that the proposed acquisition will be implemented under a Scheme of Arrangement and other applicable rules and regulations.
“This will require the Company to convene a general meeting of its shareholders by an order by the Federal High Court. Naira Gains as CBN Limits Tenure of Banks Chiefs
“Details of the Court Ordered Meeting will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court”, according to the statement. #PZ Cussons Offers N22.28bn to Take Out Minority Shareholders
