Restructuring: 7-UP Major Owner Raises Offer Price To N125 Per Share

By Nse Anthony-Uko
Seven-Up Bottling Company (7UP) announced that its majority shareholder, Affelka S.A, a privately-owned Lebanese firm, has revised the scheme consideration upward to N125 per share.
It would be recalled that Seven-Up Bottling has received an offer from its majority shareholder, Affelka to buy out the minority shareholders for N19.33 billion ($60 million). Affelka has offered to buy all the outstanding and issued shares of Seven-Up that it does not currently own, amounting to 171.5 million ordinary shares at N112.70 per share.
In a notification sent to the shareholders of Seven Up through the Nigerian Stock Exchange (NSE), on Wednesday said that “Affelka S.A, the majority shareholder of 7-UP, who is proposing to acquire all the outstanding and issued shares of 7-UP that are not currently owned by Affelka has advised the Company that the scheme consideration has been revised upward to N125 per share.
“The proposed scheme consideration represents a 22.6 per cent premium to the last traded share price of the Company on January 9, 2018; and a 27.6 per cent premium to the price on August 10, 2017, which was the last business day prior to the date the initial proposal was received from Affelka.”
According to the notification, the revised scheme consideration will be voted on at the court-ordered meeting which is scheduled for January 11, 2018. While the vice chairman of the Seven-Up, Sunil Sawhney, said “as of now, we have received an offer from the majority shareholder of the company, which is a financial restructuring.”
He said the company has been making losses for some time, adding that the deal is aimed at restructuring the company. Sawhney, who joined the company in a management change this year, said delisting Seven-Up from the stock exchange after the takeover would be “logical”. The takeover is subject to shareholders’ and regulatory approvals, he said. The company’s profit started to decline in the first quarter of 2015 and then posted its first loss in half-year 2016 and since then losses have widened.

Leave a Reply

Your email address will not be published. Required fields are marked *


Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate