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BOWS Nigeria Limited, is set to take over Courteville Business Solutions in a mandatory bid.
BOWS is the largest shareholder which holds 67.01% of the issued share capital of the Company.
It made a proposal to buy the 32.99% held by the other shareholders of the Company through a Mandatory Takeover Bid (MTO) to the Securities and Exchange Commission (SEC), and the Mandatory Takeover Bid has been registered with SEC as SIS/M&A/TBR/CBS/000824 in the Commission’s record.
Courteville Business Solutions has 3.552 billion shares outstanding according to data from the NGX, meaning that BOWS is set to buy 1.171 billion shares owned by minority shareholders.
BOWS Nigeria Limited has obtained SEC’s approval to launch the Mandatory Takeover and same is priced at 0.48k per ordinary share net of any applicable tax.
That values the deal at N562.46 million. Courteville Business Solutions had a market capitalization on N1.669 billion. It closed trading at N0.47 per share on Tuesday, February 21.
The tender offer will open on the 22nd of February 2023 and close on 22nd March 2023.