- Shareholders Approve 7-Up’s Takeover by Affelka
Shareholders of Seven-Up Bottling Company Plc have approved the scheme of arrangement by which the majority shareholder, Affelka S.A. will acquire the outstanding 26.8 percent shares of the company.
The shareholders gave their approval at the Court-Ordered Meeting that was convened at the instance of the Federal High Court. The meeting was held in Lagos on Thursday
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.
In consideration for the transfer of the shares, a payment of N125 per scheme share will be made to each shareholder. This payment represents a 22.6 per cent premium on the last traded share price of Seven-up on January 9, 2018 and a 27.6 per cent premium on the share price as at close of August 9, 2017 being the last business day prior to the date the initial proposal was received from Affelka.
Chapel Hill Denham Advisory Limited acted as financial advisers and Aelex Partners, solicitors to the company.
Commenting at the meeting, the Chairman, Seven-Up Bottling Company, Mr. Faysal El-Khalil, said, “We believe that the scheme will create considerable benefits and opportunities for all stakeholders of Seven-Up Bottling Company Plc, and will serve to protect minority shareholders from a continuous erosion of value. Furthermore Seven-Up Bottling Company is again assured of Affelka’s long-term commitment to the company and Nigeria.”
Seven-Up bottling company is an independent manufacturer and distributor of some widely consumed brands of soft drinks in Nigeria. The company’s brands include Pepsi, 7-UP, Mirinda, Teem, Mountain Dew and Aquafina premium water, which it produces and markets across the country.