Emerald HoldCo B.V. has launched a mandatory takeover offer to acquire up to 11.74 million ordinary shares in Beta Glass Plc at N590.94 ($0.43) per share, after gaining indirect control of the Nigerian glass packaging company.

The offer, disclosed in a notice dated July 6, covers 11,741,509 shares, representing about 1.96% of Beta Glass’ issued and fully paid share capital. The move follows Emerald HoldCo’s acquisition of full ownership of Emerald Nigeria Intermediate Holdings B.V., formerly Frigoinvest Nigeria Holding B.V., from Frigoglass Group in February 2026.

Acquisition gives Emerald control

Through the transaction, Emerald HoldCo assumed indirect ownership of 331.26 million shares in Beta Glass, representing approximately 55.22% of the company’s issued share capital.

The stake was previously controlled by Frigoglass Group through Emerald Nigeria Intermediate Holdings’ 76.03% ownership of Packaging Industries Nigeria Limited, formerly known as Frigoglass Industries (Nigeria) Limited.

The mandatory offer allows minority shareholders to sell part or all of their holdings following the change in control of the listed company.

Offer follows takeover rules

Emerald HoldCo said the offer was launched in accordance with Part XII of Nigeria’s Investments and Securities Act, 2025, the Securities and Exchange Commission’s Consolidated Rules and Regulations, and the SEC Rules governing mergers, takeovers and acquisitions.

Under Nigerian securities regulations, investors that acquire control of a publicly listed company are required to extend an offer to remaining shareholders. The rules allow buyers to make an offer for either all or a portion of shares held by minority investors.

Emerald HoldCo said the current offer applies only to shares not already owned by Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V.

The company’s board approved the transaction on Feb. 5, 2026, while the Securities and Exchange Commission has also cleared the offer. DCSL Corporate Services Limited is acting as company secretary for the transaction.

Beta Glass expands packaging footprint

The qualification date for shareholders eligible to participate in the offer was June 25, 2026, according to the notice submitted to the Nigerian Exchange and investors.

Emerald HoldCo B.V. is a Netherlands-registered private holding company established by Helios Investment Partners. The entity serves as an investment vehicle used in acquisitions, corporate restructurings and other strategic transactions.

Beta Glass Plc is one of West and Central Africa’s largest manufacturers of glass packaging products. The Lagos-based company operates production facilities in Agbara, Ogun State, and Ughelli, Delta State.

The company produces more than 700 tonnes of glass containers daily, supplying industries including beverages, pharmaceuticals, food and cosmetics across the region.