LAGOS, NIGERIA — Flour Mills of Nigeria said on Nov. 20 that has received approval to purchase Nigerian Bag Manufacturing Co. Plc (Bagco).
Bagco said it would recommend to its shareholders an offer of 25 shares of Bagco for one share of Flour Mills of Nigeria. Flour Mills of Nigeria said it would propose a cash consideration of N2.75 per share of Bagco, a 39% premium to Bagco’s closing share price.
The proposal is subject to approval by regulatory authorities and shareholders of both companies.