In a bid to increase its equity share in Champion Breweries, Heineken has opened application list for a N3.11 billion takeover bid of minority shares in Champion Breweries, a move that may see the Netherlands-based Heineken increasing its controlling equity in the Nigerian brewer to about 76 per cent.
The brewery giant , through its wholly-owned subsidiary, Raysun Nigeria Limited, is aiming to have about 1.197 billion ordinary shares of 50 kobo each or about 15.3 per cent additional stake in Champion Breweries under a mandatory takeover bid (MTO). The transaction price is N2.60 per share.
Application list for the MTO, which was approved by Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), started on Monday, January 10, 2022 and will close on Monday, January 31, 2022.
The qualification date for the MTO was Friday, December 31, 2021, implying that only minority shareholders of Champion Breweries as at the close of business on December 31, 2021 can participate in the ongoing offer. Shareholders may accept the MTO at their discretion.
It should be noted that Heineken, through Raysun Nigeria Limited, has 60.7 per cent majority equity stake in Champion Breweries, while Akwa Ibom State holds 10 per cent equity stake as other Nigerian shareholders hold 29.3 per cent equity stake.