August 5, 2019/InvestmentOne Update

Earlier today, Dangote Flour Mills Plc announced that it has received an addendum dated August 1, 2019 to the binding offer from Olam International Limited through its subsidiary Crown flour Mills Limited dated April 23, 2019. (please see our earlier write up here).

By the Addendum, Crown Flour Mills has now submitted a revised offer with a final recommendation of N120billion amounting to N24 per share following the final adjustment.

We believe the offer is still attractive considering the premium of 30% above the closing price as at Friday (N18.50 per share), we hereby advise investors to buy the stock at a price below the consideration of N24 per share (transaction costs should be considered).

Please click to download a copy of the update on the Acquisition