The report said that the negotiations leading to the agreement were swift yet cordial as both parties believed it was in their mutual best interest to go their separate ways.
It was explained that the transaction closed at the prevailing market price of Transcorp Plc as of Thursday. Shares of Transcorp closed at N3.12 per unit on Thursday.
The fight for control of Transcorp began when Otedola acquired a 5.52 per cent stake in the conglomerate, making him the second-largest shareholder in the company. With the purchase of additional shares, Otedola upped his stakes to over six per cent. However, in a deft move, Elumelu raised his stake in the company from 2.07 per cent to 25.58 per cent on Thursday through HH Capital Limited, where he’s a director, thereby surpassing Otedola’s stake.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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