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Oando’s core investor set to take company private, offers minority shareholders 58% premium

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Shares in the company jumped by roughly 10 per cent to N5.40 per unit at 11:13 WAT in Lagos Thursday.

said in a Thursday statement it is in receipt of an offer from its majority shareholder to procure the shares of all its minority shareholders at a premium of 58 per cent to its share prices on 28 March.

“Each Scheme Shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand for every ordinary share held by the qualified Scheme Shareholders at the Effective Date of the Scheme,” Oando said in the document announcing the proposal.

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