Emerald HoldCo B.V. has launched a mandatory takeover offer to acquire up to 11.74 million ordinary shares in Beta Glass Plc from minority shareholders following its acquisition of the controlling interest in the Nigerian glass manufacturer.
The offer, priced at ₦590.94 per share, opened on 7 July and will close on 4 August, according to an offer document filed with the Nigerian Exchange (NGX).
The offer follows Emerald HoldCo’s acquisition earlier this year of Emerald Nigeria Intermediate Holdings B.V., formerly Frigoinvest Nigeria Holding B.V., which owns 76.03% of Packaging Industries Nigeria Limited.
Through that transaction, Emerald assumed indirect ownership of 331.26 million Beta Glass shares, representing approximately 55.22% of the company’s issued share capital.
Under Nigeria’s takeover regulations, an investor that acquires control of a listed company must make an offer to remaining shareholders. Emerald said the offer complies with the Investments and Securities Act 2025, Securities and Exchange Commission rules and Nigeria’s takeover regulations.
Rather than seeking all outstanding shares, Emerald is offering to purchase up to 11,741,509 ordinary shares, representing 1.96% of Beta Glass’ issued share capital. The offer has received SEC approval and is open to shareholders whose names appeared on the company’s register as of 25 June 2026.
The takeover offer marks the latest step in the ownership transition that began in February, when African private equity firm Helios Investment Partners completed its acquisition of Frigoglass’ Nigerian packaging business through Emerald HoldCo in a transaction valued at about €100 million.
The deal ended the Frigoglass Group’s long-standing control of Beta Glass and transferred ownership to Helios Fund V, one of Africa’s largest private equity funds.
Following the acquisition, Beta Glass overhauled its board, with four directors linked to the Frigoglass Group stepping down and four new directors, including senior Helios executives Nitin Kaul and Olusola Carrena, joining the board. The company said the appointments would support its next phase of growth under the new ownership.
According to the offer document, Packaging Industries Nigeria Limited remains Beta Glass’ largest shareholder with 61.88%, while Emerald Nigeria Intermediate Holdings B.V. holds 10.13%. Minority investors collectively own the remaining 27.99% of the company.
Beta Glass is the largest manufacturer of glass containers in West and Central Africa, supplying bottles and packaging to beverage, food and pharmaceutical companies from manufacturing plants in Agbara, Ogun State, and Ughelli, Delta State.
The company reported a sharp improvement in earnings last year as stronger demand and operational efficiencies boosted profitability.
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