Emerald HoldCo B.V. has launched a proposed Mandatory Takeover Offer to acquire up to 11,741,509 ordinary shares from the minority shareholders of Beta Glass Plc at a price of ₦590.94 per share.
According to a corporate notice released on Monday by the company secretaries, DCSL Corporate Services Limited, and filed with the Nigerian Exchange Limited, the offer represents approximately 1.96% of the total issued and fully paid share capital of the prominent glass packaging manufacturer.
The mandatory offer stems from a larger transaction finalized in February 2026, during which Emerald HoldCo successfully completed the acquisition of 100% of the shares of Emerald Nigeria Intermediate Holdings B.V. from the Frigoglass Group.
Through that landmark acquisition, Emerald HoldCo assumed indirect ownership of over 331 million ordinary shares in Beta Glass Plc, representing a significant 55.22% majority stake in the company.
Under Nigerian market regulations, crossing the threshold into majority ownership triggers mandatory regulatory actions to protect minority investors. In strict accordance with the Investments and Securities Act, alongside the Consolidated Rules and Regulations of the Securities and Exchange Commission, Emerald HoldCo is legally required to extend a takeover offer to the remaining shareholders of the company.
While the regulatory framework permits an offeror to seek either all or a portion of the remaining equity, the Board of Directors of Emerald HoldCo elected to pursue a portion of the outstanding shares.
This target allocation specifically excludes the shares already held by its related corporate entities, Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V.
The Board of Directors of Emerald HoldCo initially approved the framework for this corporate action on February 5, 2026, and the transaction has since secured the formal approval of the Securities and Exchange Commission.