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

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By Nse Anthony-Uko
Seven- Bottling Company (7) announced that its majority shareholder, Affelka S.A, a privately-owned Lebanese firm, has revised the scheme consideration upward N125 per share.
would be recalled that Seven- Bottling has received an offer from its majority shareholder, Affelka buy out the minority shareholders for N19.33 billion ($60 ). Affelka has offered buy all the outstanding and issued of Seven- that does not currently own, amounting 171.5 ordinary at N112.70 per share.
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 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 of the Company on January 9, 2018; and a 27.6 per cent premium to the on August 10, 2017, which the last business day prior to the date the initial proposal 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 of the Seven-Up, Sunil Sawhney, said “as of , we have received an offer from the majority shareholder of the company, which is a financial .”
He said the company has been making losses for some , adding that the is aimed at the company. Sawhney, who joined the company 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 the first quarter of 2015 and then posted its first loss half-year 2016 and since then losses have widened.