PZ Cussons Holdings Offers To Buy Out Minority Shareholders of Nigeria Arm

PZ Cussons Nigeria Plc has notified the Nigerian Exchange Limited and the investing public of that PZ Cussons (Holdings) Limited informed the board of the Company of its intention to acquire the entire shares held by minority shareholders at an offer price of ₦21 each.
The proposed transaction, the company said in a statement by Olubukola Olonade-Agaga, its acting Company Secretary
, is subject to prevailing market conditions, and the consideration and approval of the board of PZCN, shareholders and requisite regulatory authorities.
PZ Cussons Group also expressed belief that the transaction is necessary “to enable them significantly simplify and strengthen operations in Nigeria creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business.”
The proposal, the statement continued, “is to will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations. This will require the company to convene a general meeting of its shareholders by an order by the Federal High Court.