Unilever Overseas Holdings has opened an offer to increase its equity stake in Unilever Nigeria plc from 50.10 percent up to a maximum of 75 percent. The offer provides shareholders who wish to sell some or all of their shares in Unilever Nigeria the opportunity to do so.
Citigroup Global Markets Limited and Chapel Hill Advisory Partners Limited are acting as financial advisers to Unilever Overseas Holdings B.V.
The offer price represents a premium of 33.8 percent to the company’s closing share price on March 23 2015.
Unilever would acquire up to 942,215,930 shares in the Nigerian company at N45.50 per share in cash.
The offer is expected to remain open for acceptance until June 10, 2015, and has been approved by the Nigerian Securities and Exchange Commission, while the Nigerian Stock Exchange has been notified of the offer.
The total value of the transaction at intended offer price is approximately N42.871 billion (192.6m euro at prevailing exchange rates).
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