The new offer was indicated in the latest update on the matter filed with the Nigerian Exchange Limited on Thursday.
Back in September, PZ Cussons Nigeria announced that its majority shareholder, PZ Cussons (Holdings) Limited, had offered to acquire shares held by other shareholders.
Part of the statement signed by acting Company Secretary, Olubukola Olonade-Agaga, read, “The Board of Directors of PZCN has duly considered the offer with support from its advisers and an independent fairness opinion, and following discussions with the core shareholder, the offer price has been increased to N23 per share.
“The Board is accordingly pleased to announce that it considers the offer to represent fair value for the minority shareholders and recommends that the minority shareholders approve the offer.”
The offer price of N23 represents a premium of 35 per cent to the company's share price of N17 on August 17 2023, being the last traded price before the offer date.
As of the close of the market on Thursday, PZ Cussons' stocks were priced at N21.05 on the NGX.
The board also pointed out that it considered the offer in light of the challenges the company continues to face in obtaining foreign currencies to pay its trade debts and other creditors, and specifically its reliance on the PZ Cussons Group for financial support.
Meanwhile, it is intended that the buyback will be implemented under a Scheme of Arrangement in line with applicable rules and regulations.
The Board has approved that a general meeting of the company's shareholders be convened pending a ‘No-objection' from the Securities and Exchange Commission and an order by the Federal High Court to hold the meeting.
In its September notice on the share buyback, the company had said that the PZ Cussons Group believed that the transaction was necessary to enable them to significantly simplify and strengthen operations in Nigeria creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business.
PZ Cussons has been present in Nigeria since 1899.