Slaughter and May is advising Diageo - intended transaction to increase equity stake in Guinness Nigeria

Slaughter and May is advising Diageo plc on its announced intention to increase its equity stake in Guinness Nigeria.

As announced by Diageo on 9 September 2015, it has approached the Board of Directors of Guinness Nigeria plc with an intention to make an offer to increase its equity stake in Guinness Nigeria from 54.3% up to a maximum of 70%. Guinness Nigeria’s listing on the Nigerian Stock Exchange would be maintained.

Subject to receiving regulatory approval and if Diageo decides to proceed with the proposed transaction, it is intended that Diageo, through its wholly owned subsidiary Guinness Overseas Limited, will launch a partial tender offer at a price not higher than NGN 175 per share in cash.