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Nigerian shareholders in PZ Cussons Nigeria have been offered a buyout offer by British manufacturer, PZ Cussons Group, to take full control of the local company.
The international company is willing to buy the shares owned by the Nigerian shareholders at N21 per share, subject to shareholders’ approval at a Federal High Court-ordered meeting and regulatory consent.
The UK healthcare manufacturer said the complete takeover of PZ Cussons Nigeria will strengthen operations in the West African country. This was disclosed on Monday in a statement by PZ Cussons Nigeria Acting Company Secretary, Olubukola Olonade-Agaga.
“PZ Cussons Nigeria Plc (“PZCN” or the “Company”) hereby notifies the Nigerian Exchange Limited (“NGX”) and the investing public that PZ Cussons (Holdings) Limited (the “Core Shareholder”) has informed the Board of Directors of the Company (the “Board”) of its intention to acquire the shares held by all the other shareholders of PZCN, subject to prevailing market conditions, at an offer price of ₦21 per share (the “Proposed Transaction”).
“The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities,” the statement reads.
The firm further stated that: “It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations. This will require the Company to convene a general meeting of its shareholders by an order by the Federal High Court (the “Court Ordered Meeting”).
“Details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court. The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders prior to the Court Ordered Meeting.”
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