9th Sep 2015 11:18
LONDON (Alliance News) - Drinks giant Diageo PLC on Wednesday said it has made an approach to Guinness Nigeria PLC to increase its equity stake in the company and maintain its listing on the Nigerian Stock Exchange.
The FTSE 100 company said it is planning to increase its stake in Guinness Nigeria to 70.0% from 54.3% through a tender offer at no higher than NLN175.00 per share, or around 57.48 pence per share based on current exchange rates. The offer would represent a 36% premium to Guinness Nigeria's 30-day volume weighted average share price and a 40% premium to its closing share price on Tuesday.
Diageo said the move does not constitute an offer to acquire the whole company.
Shares in Diageo were up 2.6% to 1,756.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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