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Following the takeover bid from majority shareholder, Affelka S. A. to the minority holders, the Nigerian Stock Exchange (NSE), last week, suspended the shares of 7-Up Bottling Company Plc.
In a public notice, the Exchange confirmed that 7-UP shareholders had passed a resolution to back the takeover bid by Affelka S. A., which would see the company delisted from the NSE.
In a notice sent to the NSE in November last year, Affelka S. A., the majority shareholder in 7-Up Plc, had proposed to buy out the 171,542,574 ordinary shares of 50 kobo each representing the 26.78 per cent of the company’s issued share capital that it does not own at N112.70 per share.
Shareholders of the company had on Thursday approved the scheme of arrangement by which Affelka S. A. would acquire the outstanding 26.8 per cent shares of the firm.
The shareholders gave their approval at a meeting that was convened at the instance of the Federal High Court in Lagos.
Affelka S. A. will now increase its ownership of the company to 100 per cent by acquiring all the outstanding and issued shares previously held by the minority shareholders.
