There is a major change coming the way of Nigeria’s carbonated soft drink business as Affelka SA said it is going to acquire all remaining shares of Seven-Up Bottling Company.
Affelka is currently the majority shareholder in Seven-Up Bottling Company, the producer of Pepsi, Seven-Up and Mirinda. The company competes directly with CocaCola Hellenic Bottling Company.
As an update on the planned acquisition, Seven-Up Bottling Company plc that Affelka proposing to acquire all the outstanding and issued shares of SBC that are not currently owned by Affelka has today advised the Company that the Scheme Consideration has been revised upwards to N125 (One Hundred and Twenty-Five Naira) per share.
The proposed Scheme Consideration represents a 22.6% premium to the last traded share price of the Company on January 9, 2018; and a 27.6% 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.
The revised Scheme Consideration will be voted on at the Court-Ordered Meeting which is scheduled for Thursday January 11, 2018.