Nigerian Breweries Plc has agreed to merge with Consolidated Breweries Plc and have now approached & Exchange Commission SEC. The proposed merger has been in the offing for a while considering that they are both owned by Heineken. Below is an extract of the official letter planned deal
This is to notify you that the Board of Directors of Nigerian Breweries Plc and the Board of Directors of Consolidated Breweries Plc have agreed to explore a combination of the two businesses by way of a Scheme of Merger. As a result, a Pre- Merger application has today, been filed with the Securities & Exchange Commission for its approval.
On receipt of the said approval, both parties will take further steps to consummate the proposed merger including obtaining the approval of their respective shareholders to the Scheme of Merger at separate Court-Ordered Meetings. The terms and conditions of the proposed merger will be contained in the Scheme of Merger document to be prepared and sent to all shareholders.
The two companies are subsidiaries of Heineken NV. While the parent company holds approximately 54.1% of the shares in Nigerian Breweries Plc, it holds 53.8% of the shares in Consolidated Breweries Plc.
We will keep you informed of further developments as they occur.
