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By Chinwendu Obienyi
The proposed merger between International Breweries Plc (IBPlc) and two other brewing companies has been approved by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).
A regulatory filing recently by the company via the NSE, stated that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of lntafact and Pabod, including employees, real property and intellectual property rights, will be transferred to IBPlc upon completion of the proposed merger.
In a statement, IBPlc said that the share exchange ratio as well as other terms and conditions of the proposed merger are provided in the scheme of merger document, which will be dispatched to all shareholders of IBPlc, Intafact and Pabod, upon receipt of an order from the Federal High Court (FHC) to convene separate court-ordered meetings of the merging companies.
IBPlc also noted that the completion of the proposed merger is subject to the approval of the respective shareholders of lBPlc, lntafact and Pabod and the final regulatory approvals from SEC, NSE, Federal Inland Revenue Service (FIRS), as well as the sanction by the FHC.
