Emerald HoldCo B.V. has moved to consolidate its ownership of Beta Glass Plc by launching a mandatory takeover offer to acquire up to 11.74 million ordinary shares at ₦590.94 per share after securing an indirect controlling stake in the glass manufacturer.
Beta Glass disclosed the development in a notice to the Nigerian Exchange Limited (NGX) on Tuesday, stating that the offer follows Emerald HoldCo’s acquisition of the Frigoglass Group’s interest in the company earlier this year.
According to the notice, Emerald HoldCo completed the acquisition of 100 per cent of the shares of Emerald Nigeria Intermediate Holdings B.V., formerly Frigoinvest Nigeria Holding B.V., in February 2026.
As a result of the transaction, Emerald HoldCo assumed indirect ownership of 331.26 million ordinary shares in Beta Glass, representing about 55.22 per cent of the company’s issued share capital.
The shares were previously held by the Frigoglass Group through Emerald Nigeria Intermediate Holdings B.V.
The acquisition gave Emerald HoldCo majority control of Beta Glass and triggered a mandatory takeover requirement under the Investments and Securities Act 2025, the Securities and Exchange Commission (SEC) Rules and Regulations, and the SEC Rules on Mergers, Takeovers and Acquisitions.
READ ALSO:
- The Big Question Behind Dangote Refinery’s Listing: Who Can Afford to Buy?
- First HoldCo Eyes ₦1trn Capital Base, Seeks ₦253bn Approval
- First HoldCo Posts ₦267.8bn Profit Amid ₦1.98trn Cash Outflow, FX Hit
- Access, GTCO, First Holdco Face New Capital Hurdle
- Group Urges CBN to Clear $2.4bn Forex Debt to Save Manufacturers
“Emerald HoldCo is required to make a Take-over Offer to all other shareholders of Beta Glass,” the company stated.
It, however, explained that under the Nigeria Takeover Rules, an acquirer may make an offer for all or only a portion of the shares held by minority shareholders.
It stated further that Emerald HoldCo is seeking to acquire up to 11,741,509 ordinary shares, representing about 1.96 per cent of Beta Glass’ total issued and fully paid share capital, at an offer price of ₦590.94 per share.
“The Offer is therefore being undertaken in accordance with the directives of the regulatory authorities and pursuant to the Nigeria Takeover Rules for a portion of the outstanding shares,” Beta Glass said.
It noted that the offer excludes the shares already held by Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V.
It also noted that the board of directors of Emerald HoldCo approved the transaction on February 5, 2026, authorising the takeover offer to the company’s remaining eligible shareholders.
Beta Glass added that the SEC has approved the offer, while June 25, 2026, has been set as the qualification date for shareholders eligible to participate in the transaction.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X