Unilever set to raise equity stake as offer extends to June 25

Unilever Overseas Holdings B.V. has indicated interest in increasing its equity stake in Unilever Nigeria Plc from 50.04 per cent up to a maximum of 75 per cent and has made a tender offer to individual shareholders of Unilever Nigeria.



Vanguard gathered that the offer initially scheduled to close June 10, 2015 has been extended to June 25, 2015 to enable more shareholders take effective decision that would see the company expands its operations.

Under the terms of the offer, it was gathered that  Unilever Overseas is seeking to acquire up to 942,215,930 shares in the company at ¦ 45.50 per share in cash (the “offer price”).   “This is not a mandatory takeover bid as shareholders who are willing to sell can voluntarily do so” Unilever noted.

The offer price represents a premium of 33.8 per cent to the company’s closing share price on 23 March 2015, the day prior to Unilever Overseas announcing its intention to make the Offer, and a premium of 33.2 per cent to the 3 month Volume Weighted Average share price as at the same date. The total value of the transaction at the intended Offer Price is approximately ¦ 42.871 billion (€192.6 million at prevailing exchange rates).
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