International Breweries Plc, Intafact Beverages Limited, and Pabod Breweries Limited have received approval of the SEC and NSE for their proposed merger.
International Breweries said the company has now received the requisite pre-merger approvals from the Securities and Exchange Commission and The Nigerian Stock Exchange.
Shareholders and other stakeholders are further advised that under the terms and conditions of the proposed scheme of merger, all the assets, liabilities and undertakings of Intafact and Pabod, including employees, real property and intellectual property rights, will be transferred to IBPIc upon completion of the proposed merger. The consideration to shareholders of Intafact and Pabod will be ordinary shares of IBPIc.
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 IBPIc, Intafact 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 -al. the respective Court-Ordered Meetings.
The completion of the proposed merger is subject to the approval of the respective shareholders of IBPIc, Intafact, and Pabod and the final regulatory approvals from SEC, The NSE, Federal Inland Revenue Service, as well as the sanction by the FHC.