Xenergi bids for last 1.63% of Premier Paints at 25% premium
What's the deal? XenergiDealroom has a profile for this one. Try Dealroom → Plc has launched a mandatory takeover bid for the remaining minority shareholders of Nigeria's Premier PaintsDealroom has a profile for this one. Try Dealroom → Plc, offering to buy 2,000,000 ordinary shares — 1.63% of issued share capital — at N38.00 each in cash. The offer follows Xenergi's acquisition of a 49.60% controlling stake, or 61,003,350 shares.
Why now? Having crossed the statutory threshold, Xenergi is required under Part XII, Section 142 of the Investments and Securities Act 2025 to make a mandatory offer to all remaining shareholders on the same or better terms. The acquisition was completed via a Share Sale and Purchase Agreement signed on June 8, 2026, with Premier Paints' former majority shareholders.
What are the terms? The N38.00 per share price represents roughly a 25% premium to the market price of N30.04 as of June 20, 2026. Shareholders who accept transfer all rights, including voting and future dividends, though they keep dividends for the financial year ended December 31, 2025.
Who signed off? The Securities and Exchange Commission registered the takeover document, dated June 22, 2026, and cleared the offer to proceed. The controlling stake also required approvals from the Federal Competition and Consumer Protection Commission and the Nigerian Exchange Limited.
The acceptance period runs from 8:00 on July 13, 2026, to 17:00 on August 7, 2026. Eligible shareholders are those on Premier Paints' register as of June 6, 2026, excluding Xenergi. Payment for validly tendered shares will be made through CardinalStone Registrars, the transaction's registrar, by August 31, 2026.
What changes? Xenergi, advised by AIICO Capital Limited, said the takeover is not expected to alter employment terms for Premier Paints staff. Employees not retained would receive full terminal benefits under their contracts.
The signal: The bid marks a rare test of Nigeria's new securities law, with the ISA 2025's mandatory-offer rules protecting minority holders as a new majority owner consolidates control of a listed paint maker.
Read more: New Telegraph
