The management of Nigeria’s packaging giant- Beta Glass, on Tuesday announced through the Nigerian Exchange Limited portal, a mandatory takeover bid for up to 11,741,509 units, or 1.96% of its total Issued shares by Emerald Holdco BV, new owners of Frigoglass Industries, a competitor from other shareholders of Beta Glass Plc at ₦590.94 each.
According to the notice, Emerald HoldCo, had in February 2026, completed the acquisition of 100% of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V) who owns 76.03% of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group.
Qualification date for the offer is Thursday, 25 June 2026, as such, only those who were shareholders Beta Glass Plc on that date can participate in the offer.
As part of this transaction, explained DCSL Corporate Services Limited, Company Secretaries to Beta Glass, “Emerald HoldCo has assumed indirect ownership of 331,260,999 ordinary shares in the Company, previously held by the Frigoglass Group which is approximately 55.22% of the issued share capital of the company.
Further to the Acquisition and in accordance with Part XII of the Investments and Securities Act, 2025 (as amended), Rules 445-448 of the 2013 Consolidated Securities and Exchange Commission (SEC) Rules and Regulations (as amended) and Rule 4 of the SEC Rules on Mergers, Take-overs and Acquisitions, August 2021, the statement said “Emerald HoldCo is required to make a Take-over Offer to all other shareholders of Beta Glass.”
Under the Nigeria Takeover Rules, it recalled, “the Offeror is permitted to make an offer for all or a portion of the shares held by the other shareholders of the Company. “Accordingly, the Offer is therefore being undertaken in accordance with the directives of the regulatory authorities and pursuant to the Nigeria Takeover Rules for a portion of the outstanding shares.”
Directors of Emerald HoldCo approved the Offer on February 5, 2026, authorizing that the takeover offer be made to other shareholders of the Beta Glass, other than Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V, for the acquisition of the Offer Shares representing 1.96% of total Issued and fully paid share capital of the Company.
