Heineken N.V., a prominent Dutch brewing business, has announced a mandatory takeover bid for up to 1,196,799,164 ordinary shares (the “Offer Shares”) from Champions Breweries Plc’s other shareholders. Raysun Nigeria Limited, a wholly-owned subsidiary of the Dutch conglomerate, made the offer.
This is according to a recent notice filed with the Nigerian Exchange Limited by Dr Elijah Akpan, Chairman of Champions Breweries Plc (NGX).
The mandatory takeover is being carried out in compliance with the regulator’s orders and is governed by Section 131, Part XII of the Investment and Securities Act, No. 29, 2007 (as modified) and Rule 445 of the Securities and Exchange Commission (“SEC”) Rules and Regulations, 2013. (as amended).
The recent move, according to analysts, generated a purchase momentum in favor of Champions Breweries Plc shares, which gained 10% today. The company’s stock rose 23 kobo today, closing at N2.53 per share, up from N2.30 the day before.