Seven-Up bottling company gives update on acquisition

The majority shareholder of Seven-Up Bottling Company Plc, Affelka S.A, is proposing to acquire all the outstanding and issued shares of SBC that are not currently owned by Affelka. Afelka revised the scheme consideration to N125 per share. An upward review from the previous N112.70 per share.

7-UP disclosed this on Wednesday in a notice to the Nigerian Stock Exchange.
The proposed scheme consideration represents a 22 .6 per cent premium to the last traded share price of the company on January 9, 2018.

The revised scheme consideration would be voted on at the court -ordered meeting which is scheduled for January 11, 2018, the notice explained.

On November 30 , 2017 , 7- UP had received an offer from its majority shareholder, Affelka , to buy out minorities for N 19.33 bn ($ 60m), in a takeover deal aimed at restructuring the struggling company.

Privately-held Affelka, is an investment firm of the Lebanese El – Khalil family. It already owns 73.2 percent of SBC and offers to acquire did offer to acquire remaining 171.5 million shares from minorities.

SBC was set up 57 years ago, and has the licence to bottle PepsiCo ’s Pepsi which also distributes 7 up, and Mirinda – branded drinks in Nigeria.
The soft drinks bottling industry has been hit by slow demand arising from weak economic growth in Nigeria, Africa ’s most populous nation, which has just emerged from a recession and a currency crisis which stifled raw material imports.

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