Acquisition of minority ownership of PZ Cussons Nigeria Plc and de-listing
PZ Cussons (“PZ Cussons” or “the Group”) today confirms that it has made an offer to acquire the minority-held shares of PZ Cussons Nigeria Plc (“PZCN”). Following this acquisition the Group intends to de-list the business from the Nigerian stock exchange. The Group believes the transaction will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value.
The Group has made the offer to the Board of PZCN to acquire the 26.73% of issued share capital held by minority shareholders at a value of ₦21 per share, subject to prevailing market conditions, equivalent to a total cash consideration payable of £22.8 million. Funding for the transaction is expected to come from existing Naira cash balances.
The Group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges. It is also confident that the offer is in the interests of Group investors, as part of the focus to deliver against its strategy and create sustainable shareholder value…