Enterprise Television- NSE Approves Delisting of 7-Up After Buyout by Majority Shareholders
The Nigerian Stock Exchange, NSE, has approved the voluntary delisting of Seven-Up Bottling Company Plc (7-Up) after it received a takeover bid from its majority shareholder, Affelka, aimed at restructuring the soft drinks bottler.
The bottler received the takeover proposal last August after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda product lines.
Seven-Up Bottling Company last traded at N101.97 per share, valuing the company at N65.32 billion naira ($214 million).
However, 7-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.
The soft drinks bottling industry has been hit by slow demand arising from weak economic growth in Nigeria, Africa’s most populous nation, which recently emerged from a recession and a currency crisis that stifled raw material imports.