July 17, 2012
Portland Paints and Products Nigeria Plc has notified The Exchange that it is in negotiations with UAC of Nigeria Plc. (UACN), regarding the proposed acquisition of a majority equity stake in Portland Paints and Products Plc by UACN.
Portland Paints and UACN Plc have signed a Memorandum of understanding on the terms of the proposed transaction which, if implemented, will result in UACN acquiring a majority equity stake in Portland Paints. Portland Paints and Products Plc further stated that, it has reached an agreement “in principle” regarding the terms of the transaction and will immediately begin negotiating a Definitive Transaction Agreement.