By Modupe Gbadeyanka
Deadline for the proposed Mandatory Takeover (MTO) bid offer period by NIPCO Investment Limited of 3.23% equity stake representing 11,644,544 ordinary shares of 50k each in Mobil Oil Nigeria Plc held by qualifying shareholders has been extended.
The exercise had closed on Thursday, June 29, 2017, but the firm received an approval from the Securities and Exchange Commission (SEC) to extend it till Thursday, July 27, 2017.
The MTO is in compliance with SEC rules requiring NIPCO to make an offer for minority shareholders holdings in Mobil.
In April 2017, the oil firm completed the acquisition of a 60 percent stake from Exxon Mobil America in a deal worth about N90 billion.
In a statement issued on behalf of NIPCO by Cordros Securities, the company explained that the exercise was extended to “provide all qualifying shareholders the ample time to tender their shares and ensure minority shareholder satisfaction.”
The statement noted that the acceptance forms can be obtained, completed and submitted to GTL Registrars Limited in Yaba, Lagos.
“Also note that all acceptance forms must be forwarded to the Registrar’s office before 5pm on July 27, 2017.
“The qualification date for the Mandatory Takeover Bid remains April 10, 2017,” the statement signed Marcus Oladapo and Damilola Okeleye emphasised.
