By Tunde Osho
Seven-Up Bottling Company Plc announced on Friday that it would hold a court appointed shareholder’s meeting in January to approve a bid by majority shareholder Affelka S.A. to acquire the remaining shares of minority shareholders it does not already own in a deal worth N19.33bn ($60m).
Affelka S.A., which is the investment arm of the El-Khalil family, said it would not vote at the 11th January meeting to decide on the buyout, Seven-Up said in a note to shareholders.
Seven-Up had announced on Thursday 30th November that it had received an offer from Affelka to acquire the remaining shares of minority shareholders amid losses over the last few years. Sunil Sawney, Vice Chairman of Seven-Up said last Thursday that the aim of the acquisition is to restructure the company, adding that delisting the firm from the stock exchange after the buyout would be “logical”.
The firm which was incorporated in Nigeria in 1959 and became a public limited liability company in 1978 is the sole bottler and marketer of PepsiCo brands of soft drinks such as 7Up, Pepsi, Mirinda, Aquafina bottled water and others.