Dangote Flour Mills has postponed its 2018 Annual General Meeting (AGM) due to the planned acquisition by Olam International Limited.
In a statement to the Nigerian Stock Exchange (NSE), the company explained that it has already approval for Corporate Affairs Commission (CAC) to hold its 2019 AGM not later December 21, 2019.
“As earlier announced to all shareholders and the investing public, the board of the directors of the Company (the Board) received a binding offer on April 23, 2019 from Olam International Limited (“Olam) for the acquisition of the entire issued of the Company not currently held by Olam through its subsidiary, Crown Flour Mills Limited (the Offer), by way of a scheme of arrangement. Upon due consideration of the Offer and receipt of regulatory approval in principle, the Board decided on August 5, 2019 to recommend the Offer to the shareholders at the court-ordered meeting (the “Court Ordered Meeting”).
The Dangote Flour Mills is bid to seek the approval of its shareholders at court-ordered meeting on October 14, 2019.