May 9, 2023 7:59 AMFemi Otedola, billionaire businessman, says he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalisation to N2 trillion but his bid was rejected.in Transcorp Plc to become the second largest shareholder of the company, but then sold out his entire holding to Elumelu, the chairman of the group.
In a press statement he shared with TheCable on Tuesday morning, Otedola spoke for the first time on the events surrounding his bid to take over the company.He went down memory lane on his relationship with Elumelu and his plans for Transcorp before he opted out because his bid was rejected. “I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.“By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.
“Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises. Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbidded me by offering to buy the plant for $300million.
Source: News Formal (newsformal.com)
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