Emerald HoldCo makes N6.9 billion takeover bid for Beta Glass’ minority shares

The core investor is tabling N590.94 to purchase each of the shares, which were quoted at N562.8 per unit at the start of trade on Lagos’ Customs Street on Tuesday, placing the offer at a 5 per cent premium above the market price.

Emerald HoldCo B.V, the new majority owner of Beta Glass, has launched a mandatory takeover offer to acquire up to 11.74 million shares held by other shareholders of the glass container maker.

The core investor is tabling N590.94 to purchase each of the shares, which were quoted at N562.8 per unit at the start of trade on Lagos’ Customs Street on Tuesday, placing the offer at a 5 per cent premium above the market price.

Emerald HoldCo’s board of directors “approved the offer on 5 February 2026, authorising a takeover offer to be made to other shareholders of the Company, other than Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V, for the acquisition of the offer shares representing 1.96% of total Issued and fully paid share capital of the company,” Beta Glass stated in a regulatory filing on Tuesday.

“The Offer has also received the approval of the SEC. The qualification date for the offer is Thursday, 25 June 2026,” it added.

Last December, the glass container manufacturer announced the deal allowing London-based private equity firm Helios Investment Partners to procure Frigoglass Group’s stake in the company for $100 million. The cash settlement for the transaction was to be executed in March 2026.

According to the offer document, Netherlands-incorporated Emerald HoldCo is a special purpose vehicle, ultimately controlled through two investment funds managed by Helios: Helios Investors V (Mauritius) L.P and Helios Investors V L.P.

“Emerald HoldCo, in February 2026, completed the acquisition of 100% of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V) who owns 76.03% of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group,” the regulatory filing stated.

Following the transaction, Emerald HoldCo has taken indirect ownership of 331,260,999 shares in Beta Glass, formerly owned by the Frigoglass Group, translating into roughly 55.2 per cent of the company’s issued share capital.

The offer opened on 7 July and will end on 4 August.