Manchester-based consumer products company PZ Cussons — the maker of Carex and Imperial Leather — confirmed that it has made an offer to acquire the minority-held shares of PZ Cussons Nigeria Plc (PZCN).

Cussons said that following the acquisition it intends to de-list the business from the Nigerian stock exchange.

“The group believes the transaction will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value,” said Cussons.

“The group has made the offer to the board of PZCN to acquire the 26.73% of issued share capital held by minority shareholders at a value of ₦21 per share, subject to prevailing market conditions, equivalent to a total cash consideration payable of £22.8 million.

“Funding for the transaction is expected to come from existing Naira cash balances.

“The group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges.

“It is also confident that the offer is in the interests of group investors, as part of the focus to deliver against its strategy and create sustainable shareholder value.

“The offer will also be subject to the approval of the PZCN board, regulatory approvals and vote of minority shareholders of PZCN.

“Further announcements will be made in due course, as appropriate.

“The group will report results for the year ended 31 May 2023 on 26 September 2023.”