Lafarge Africa issued the following press release regarding their mandatory take over bid of the un acquired shares of Ashaka Cement Plc.
- Offer Opens December 10, 2014
- Offer Closed January 16, 2015
- Offer Shares is 927,008,865 ordinary shares representing 41.39% of the company
- Purchase consideration is 57 ordinary shares in Lafarge Africa for every 202 ordinary shares in Ashaka Cement Plc
- Additional purchase consideration is a cash payment of N2 (net of taxes) for every ordinary share purchased by Lafarge Africa during the acceptance period made to the accepting shareholders
- Lafarge shares (P/E ratio 7.5x) closed at N78 per share whilst Ashaka Cement (P/E 9.7x) closed at N24.6 by the close of business Friday December 6th 2014