The majority foreign core investor in Seven-Up Bottling Company Plc-Affelka SA, has launched an aggressive acquisition bid to buy all outstanding shares held by minority shareholders in the company.
Affelka S A is the majority core investor in 7-Up with total equity stake of 72.97 per cent.
A regulatory filing signed by the company secretary indicated that Affelka SA has informed the board of Seven-Up Bottling Company of the decision and already obtained the initial regulatory approval to acquire all the “outstanding and issued shares of seven-Up Bottling Company that are not currently owned by Affelka”.
Affelka is offering N112.70 per share for the 171.54 million ordinary shares of 50 kobo each held by the minority shareholders, representing 26.78 per cent of Seven-Up Bottling Company’s issued share capital. The bid price represents 15 per cent premium on the last traded share price of the company on August 9, 2017, the last business day prior to the date the proposal was received from Affelka SA by Seven-Up Bottling Company’s board.
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