Seven-Up Bottling Company Plc, the bottler of PepsiCo brands of soft drinks in Nigeria announced on Thursday that its board has received an offer from Affelka S.A. (“Affelka”) to acquire the remaining shares of minority shareholders it does not already own at a cost of ₦19.33bn ($60 million).

Affelka S.A. is a holding company for the El Khalil family, the founder of the company and currently holds 73.22% of the company’s shares while it seeks to acquire the remaining 26.78% shares held by others.

“As of now, we have received an offer from the majority shareholder of the company. It’s a financial restructuring,” said Sunil Sawney, Vice Chairman, Seven-Up Bottling Company.

He said that the company has been running losses for some time and that the aim is to restructure the company, adding that delisting the firm from the stock exchange after the buyout would be “logical”.

Seven-Up reported a net loss of ₦10.7bn for the full year ended 31 March 2017, and the losses have continued into the first-half of 2017/2018 financial year, recording ₦6.2bn ($17 million) in loss.

Affelka is offering ₦112.70 per share for 171,542,574 million shares which is a 15% premium on 9th August, 2017 trading, being the last business day prior to the date the offer was received and 21.8% premium on the trading price as at close of trading on 28th November 2017.

The “Scheme of Arrangement” is subject to the approval of the shareholders at a court ordered meeting as well as the sanction of the Federal High Court.

Seven-Up said that further details will be communicated to the market upon receipt of the relevant approvals from shareholders and regulators.

The firm was incorporated as a private limited liability company in 1959 and went public in 1978.