SEC, NSE Approve International Breweries Merger Plan

August 29, 2017
SEC, NSE Approve International Breweries Merger Plan

By Modupe Gbadeyanka

International Breweries Plc has confirmed receiving requisite pre-merger approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) concerning merging with lntafact Beverages Limited (lntafact) and Pabod Breweries Limited (Pabod).

In June 2017, the management of International Breweries announced plans to merge with the two firms subject to requisite regulatory and shareholders’ approvals.

But in a statement issued today and signed by the company Secretary, Mr Muyiwa Ayojimi, International Breweries confirmed getting the nods of both SEC and NSE.

The brewery company advised shareholders and other stakeholders that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of lntafact and Pabod, including employees, real property and intellectual property rights, will be transferred to it upon completion of the proposed merger.

It further pointed out that the consideration to shareholders of lntafact and Pabod will be ordinary shares of International Breweries Plc.

“The share exchange ratio, as well as other terms and conditions of the proposed merger are provided in the Scheme of Merger Document which will be dispatched to all shareholders of International Breweries, lntafact and Pabod upon receipt of an order from the Federal High Court (FHC) to convene separate Court-Ordered Meetings of the merging companies.

“The respective Boards of Directors recommend the proposed merger to shareholders and will be seeking their support and approval at the respective Court-Ordered Meetings.

“The completion of the proposed merger is subject to the approval of the respective shareholders of International Breweries, lntafact, and Pabod and the final regulatory approvals from SEC, NSE, Federal inland Revenue Service (FIRS), as well as the sanction by the FHC,” the statement said.

“Further developments will be communicated to shareholders and other stakeholders in due course,” the firm concludes.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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