Following Acquisition of 100% Ownership by Excelsior.
By: Banwo & Ighodalo.
Following the approval of the Flour Mills of Nigeria’s (the company) application to delist its entire issued share capital from Nigerian Exchange Limited (NGX), the entire issued share capital of the company were on Monday, 30 December 2024, delisted from the Daily Official List of NGX.
The delisting of Flour Mills of Nigeria is a strategic move triggered by Excelsior Shipping Company Limited, the majority shareholder, acquiring the remaining shares from minority stakeholders (the transaction).
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The transaction, structured under a scheme of arrangement in line with Section 715 of the Companies and Allied Matters Act 2020, enabled Excelsior to consolidate full ownership of the company.
Under the terms of the buyout, Excelsior acquired the remaining shares not already in its possession, offering minority shareholders a total exit package valued at ₦105.2 billion.
In connection with the transaction, Chapel Hill Denham acted as financial adviser and stockbroker; Banwo & Ighodalo as Solicitor; KPMG Nigeria as scrutineer; Deloitte as fairness opinion adviser; and Atlas Registrars Limited registrars.
