7UP Moves Up by 4.99% to Hit N101.97k as Its Majority Shareholder Proposes Acquisition


Friday, December 08, 2017 / 4:38PM / Proshare Research 

The share price of 7UP today moved up by 4.99% to close at N101.97k. The recent announcement by the majority shareholder of  7UP Plc, Affelka S.A., to acquire 171,542,574 ordinary shares of 50.00 kobo each, representing 26.78% of the company's total share outstanding 640,590,363 ordinary shares is the key driver of the price appreciation. 

Graph 1: Share Price Movement Jan 3rd 2017 to Dec 8th 2017
Proshare Nigeria Pvt. Ltd.
Source: NSE, Proshare Research 

Affelka S.A is offering N112.70 per share for the outstanding shares and this consideration represents a premium of 16.04% on the last traded share price of N97.12 of the company on December 7th, 2017. 

As such, it is expected that there will be some bids which may lead to share price appreciation as traders/investors take advantage of the discount in share price.

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