Unilever Overseas Holdings B.V. (“Unilever Overseas”) has notified The Nigerian Stock Exchange that its ongoing Tender Offer to individual shareholders of Unilever Nigeria Plc (“Unilever Nigeria” or “the
Company”) has been extended from June 10, 2015 to June 25, 2015.
Unilever stated that the extension is to provide Unilever Nigeria’s shareholder base (and in particular
the retail shareholders) a fair opportunity to participate in the Tender Offer, following the dislocation
of the postal and transportation services due to the fuel crisis.
However, some analysts believe the reason for the extension may also be connected to the fact that most shareholders are unwilling to sell and as such making hard for Unilever Uk to get the required numbers to make up the 75% it is seeking.
Under the terms of the Offer, Unilever Overseas is seeking to acquire up to 942,215,930 shares in the
Company at ₦45.50 per share in cash, which will increase its equity stake in the Company from 50.10%
up to a maximum of 75%.
Unilever has confirmed that it has no plans to delist Unilever Nigeria from the Nigerian Stock Exchange.
