UAC of Nigeria (UACN) Plc is launching a mandatory takeover bid to acquire additional equity stake in Portland Paints and Products Nigeria (PPPN) Plc.
In June 2013, UAC of Nigeria (UACN) Plc, Nigeria largest conglomerate, had acquired the majority equity stake of 51 per cent in Portland Paints.
Following the acquisition, the board and management of the company were reconstituted. Mr. Larry Ettah, who leads the management at UACN, became the chairman. In a regulatory filing at the weekend, UACN indicated that it will be launching a mandatory takeover of up to two million ordinary shares of 50 Kobo each in PPPN at N4.47 Kobo per share.
The takeover price represents a premium of 224 per cent on PPPN market price of N1.38 at the Nigerian Stock Exchange (NSE). The qualification date for the transaction is Wednesday November 16, 2016, the date qualifying shareholders of PPPN will be determined.