GUINNESS Nigeria Plc has extended its majority shareholder’s mandatory takeover offer (MTO) to April 18, according to a regulatory filing on Friday.
This suggests the volume of shares taken up from the total offer has not met the company’s target, with a thin gap between the offer and the market price.
It will be recalled that last month, N Seven, the new single largest shareholder of Guinness Nigeria, offered to take out minority interest at N81.60. The move followed its successful acquisition of a 58.02 percent controlling stake in Guinness Nigeria Plc. The company share price has been flattish at N80 in the equities market.
N-Seven seeks to acquire 481,362,887 ordinary shares of Guinness via the open market offer made at N81.60, but the offer on the table has been extended to April 18.
According to the terms of the offer, shareholders can opt to tender all or part of their shares by submitting an Acceptance Form during the offer window, which runs from 14 March to 4 April.
READ ALSO: Guinness Nigeria gives updates on ownership transition
and then