Seven-Up seeks shareholder vote in $61.5 takeover bid

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Nigeria’s Seven-Up Bottling Company will hold a meeting of shareholders in January to approve a bid by majority investor Affelka to buy out minorities in a 19.33 billion naira ($61.5 mln) takeover.

Affelka, the investment firm of the Lebanese El-Khalil family, would not vote at the Jan. 11 meeting which has been ordered by the court to decide on the buyout, the soft drinks bottler said in a note to shareholders.

Vice Chairman Sunil Sawhney told Reuters last week that Seven-Up Bottling Company had received an offer from its majority shareholder after posting losses and the deal was to restructure the 7-Up, Pepsi and Mirinda distributor.

Shares in Seven-Up Bottling Company gained 5 percent on Friday to 101.97 naira. Privately-held Affelka offered to acquire the 26.8 percent stake or 171.5 million shares it did not already own at 112.70 naira per share.

Seven-Up Bottling Company would be delisted from the stock exchange after the takeover, which is subject to shareholder and regulatory approvals, the vice chairman has said.

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