Raysun’s Mandatory Takeover Offer of Champion Breweries Opens
The mandatory takeover offer of Champion Breweries Plc by Raysun Nigeria Limited has been opened, Atlass Portfolios Limited informs clients via email today.
MarketForces Africa noted that the disclosure has not been made available on the Nigerian Exchange at press time. According to the firm, the offer, priced at N2.60, was opened on Monday, 10 January 2022 and will close on Monday, 31 January 2022.
MarketForces Africa stock screener shows that the brewer share price cleared below the offer price at N2.35, according to data from the Nigerian bourse. Read: Champion Breweries Share Price Jumps after Takeover Notice
In the year 2021, the Brewer informed the Nigerian Exchange Limited and the investing public of the proposed mandatory takeover deal signed with Raysun Nigeria Limited.
According to the share purchase contract, Raysun Nigeria indicated interest to acquire up to 1,196,799,164 ordinary shares from the other shareholders of Champion Breweries Plc at N2.60.
In the notice given, Champion Breweries said the mandatory takeover is being effected in accordance with the directives of the regulator subject to the provisions of the Investment and Securities Act, SEC Rules and Regulations.
It informed the market that the Board of Raysun granted approval for the takeover offer to be made to all the other shareholders of the Company other than Raysun, for the acquisition of the Offer Shares representing 15.3% of the total issued and fully paid-up share capital of the Company.
Raysun also received the Securities and Exchange Commission (SEC) authority to proceed with the Offer and file the offer document with the regulator for registration.
Following the registration, Raysun Limited was expected to make a tender for the offer shares, which the shareholders may accept at their discretion.
