Champion Breweries Plc has issued a notice of a  proposed mandatory takeover of  up to 1,196,799,164 of its ordinary shares from its other shareholders by Raysun Nigeria Limited.

The acquisition of the offer shares representing 15.3% of the total issued and fully paid-up share capital of Champion Breweries.

The notice at the Nigerian Exchange on Tuesday said the mandatory take-over is being effected in accordance with the directives of the regulator subject to the provisions of Section 131, Part XII of the Investment and Securities Act, No. 29, 2007 (as amended) and Rule 445 of the Securities and Exchange Commission (“SEC”) Rules and Regulations, 2013 (as amended).

Accordingly, on 10 May 2021, the Board of Raysun granted approval for a take-over offer to be made to all the other shareholders of the Company other than Raysun, for the acquisition of the Offer Shares representing 15.3% of the total issued and fully paid-up share capital of the Company.

The notice said, “Raysun has received the SEC’s authority to proceed with the Offer and will file the offer document with the SEC for registration. Following the registration, Raysun will making a tender for the Offer Shares, which the shareholders may accept at their discretion.

“Further to the above and in accordance with Rule 17.5 (Part C, Issuers’ Rules) of The Rulebook of The Exchange (the “Rulebook”), we hereby notify The Exchange of the Offer in fulfilment of our obligation to report such matters and will continue to do so in line with the requirements of The Rulebook.”