The memo said that Affelka, the majority shareholder of the SBC, proposing to acquire all outstanding and issued shares of the SBC that were not presently owned by Affelka, had on Wednesday advised the company the scheme consideration be revised upward to N125 per share.
It said that the proposed scheme consideration represented 22.6 per cent premium to the last traded share price of the company on Jan. 9, and a 27.6 per cent premium to the price on Aug. 10, 2017.
This was the last business day prior to the date the initial proposal was received from Affelka.
It added that the revised scheme consideration would be voted on at the court order meeting scheduled for Jan. 11.
The company is expected to delist its shares from the NSE in preparatory for a financial restructuring of the loss-making venture if the proposal is successful.
NAN recalls that the Nigerian Bottling Company, the maker of Coca-Cola had about six years ago delisted from the exchange, after Coca-Cola Hellenic (CCH), the core stakeholders with 66.4 per cent control offered a buy-out of the minority shareholders. (NAN)No tags for this post.