The Nigerian Stock Exchange (NSE) has approved the voluntary delisting of Seven-Up Bottling Company, bottlers of Pepsi Cola and 7up in Nigeria, after it received a takeover bid from its majority shareholder.
In a bid to restructure the soft drinks bottler, Affelka S.A. which holds 73 percent stake in Seven-Up had submitted a $70 million buy-out bid which was backed by the company’s minority shareholders.
The NSE had in January suspended trading in Seven-Up shares as talks about a possible delisting reached top gear.
Affelka S.A owned by the Lebanese El-Khalil family offered N125 per share to the minority shareholders of the company, who gave their approval at a Court-Ordered Meeting that was convened at the instance of the Federal High Court in Lagos last month.
“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,” the Chairman, Seven-Up Bottling Company, Mr. Faysal El-Khalil said at the meting.