Premier Paints Plc has announced the postponement of the Mandatory Tender Offer (MTO) by Xenergi Plc that was originally scheduled to commence on June 22, 2026.
In a notice issued to shareholders, stakeholders and the investing public, the company stated that the delay became necessary to allow for the registration of the bid documents with the Securities and Exchange Commission (SEC).
According to the disclosure, the tender offer will not proceed until the required regulatory review process has been completed and a no-objection approval is obtained from the SEC.
Premier Paints said a new commencement date for the transaction will be communicated once the regulatory clearance has been secured.
The company assured shareholders and investors that it would continue to provide updates on the progress of the transaction as developments unfold.
The notice was signed by the Company Secretary, Alozie Nwokoro, on behalf of Premier Paints Plc.
A mandatory tender offer is typically triggered when an acquiring shareholder crosses a prescribed ownership threshold, requiring an offer to be made to remaining shareholders in accordance with applicable capital market regulations.
