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PZ Cussons offers N22.28b to take out minority shareholders

PZ Cussons Nigeria Plc’s core shareholder ( PZ Cusson Holdings Limited) has announced an offer of N22.28 billion to take out the minority interest in the company, according to a regulatory filing.

PZ Cussons Nigeria Plc told the Nigerian Exchange Limited and the investing public that PZ Cussons its core shareholder has informed the Board of Directors of its intention to acquire the shares held by all the other shareholders of PZCN.

The transaction, according to the regulatory filing, is subject to prevailing market conditions, at an offer price of ₦21 per share. Compared with the closing price, the offer translates to a 9.66% premium of non-controlling interest in the consumer goods company.

Minority shareholders in the consumer goods company control 26.73% of the outstanding shareholders, according to analysts’ review.

The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities.

In their offer, the PZ Cussons Group explained that they believe the transaction is necessary in order to enable them to significantly simplify and strengthen operations in Nigeria.

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Naija Times