The plan by the British majority owner of consumer goods company PZ Cussons Nigeria to fully acquire the organisation and take it private has suffered another setback as the Securities and Exchange Commission (SEC) a key regulator has withheld the required assent to take the transaction further.
In an update filed at the Nigerian Exchange (NGX) Limited, PZ Cussons said the SEC did not accept the N23 per share PZ Cussons (Holdings) Limited offered minority shareholders for the deal.
“The Securities and Exchange Commission (“SEC”) has declined the company’s request for its No Objection to PZ Cussons (Holdings) Limited’s (“the majority shareholder”) intention to acquire the shares held by all the other shareholders of PZCN at an offer price of ₦23 per share (the “Proposed Transaction”).
