FMN Launches Mandatory Takeover Offer to Acquire Honeywell Shares

Honeywell Flour Mills Plc has announced that it will be subject to a mandatory takeover offer (MTO) from Flour Mills of Nigeria Plc. The MTO, which has received approval from the Securities & Exchange Commission, aims to acquire 79,301,976 Ordinary Shares of 50 kobo each in Honeywell, representing just 1% of its total shareholding. This move comes after FMN received notification that it would be making a mandatory takeover offer to Honeywell shareholders through Ecowise Horizon Investment Limited and Greywise Investment Solution Limited.

FMN owns an aggregate of 6,086,381,572 Ordinary Shares of 50 kobo each, representing 76.75% of the total issued and paid-up Capital of Honeywell Flour Mills Plc. The Qualification Date for the MTO is set at 5:00pm on Thursday August 5, 2022, with all trades executed on Friday July 29, 2022, being considered for settlement.