The Nigerian Stock Exchange has approved the voluntary delisting of Seven-Up Bottling Co after receiving a takeover bid from its majority shareholder.
The initiative aims at restructuring the soft drinks bottler.
The Stock Exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last week.
In January, Seven-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.
The bottler received the takeover proposal last august after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda distributor.
Seven-Up Bottling last traded at 101.97 naira per share, valuing the company at N65.32 billion ($214 million).
The Seven-Up Bottling takeover comes six years after its main rival coca-cola delisted its local bottling unit in a $136 million buyout deal to expand the business and fend off competition.Please subscribe to our newsletter