#BREAKING: Dangote announces sale Dangote Flour Mills Plc to Olam

Amid focus shift, the Board of Dangote Flour Mills Plc has notified the Nigerian Stock Exchange, its shareholders, and the investing public about the receipt of a binding offer from Ola International Limited to acquire all of Dangote Flour’s outstanding shares that are not currently held by Olam or its subsidiary.

The company said in a statement on Tuesday that Olam will offer 130 billion naira ($362 million) for Lagos-based DFM, which is part of the business empire of Aliko Dangote, Africa’s richest man. The price was calculated on a debt-free basis, and will be adjusted to account for net borrowings.

The Offer is subject to amongst other things, shareholders’ approval, regulatory approvals, the sanction of the Federal High Court (the ‘Court”), as well as the absence of a material adverse change in DFM. If the conditions of the Transaction are satisfied and same is sanctioned by the Court, the Company would be delisted from The Nigerian Stock Exchange.

The Board will review the Offer in the best interest of the shareholders. The Board will keep both the capital markets and the public updated on tangible development in this regard, in line with the applicable regulatory requirements.

Shareholders and potential investors are advised to exercise caution when dealing in DFM’s shares until a further announcement is made.