Verod to acquire Law Union and Rock Insurance a 100%

Verod Capital Management has tabled Law Union and Rock Insurance an offer to acquire all its issued shares.

In a notice filed by the law firm to the Nigerian Stock Exchange, Verod is offering the legal company a price of N1.23 kobo per share. The offer is a binding offer.

According to Law Union and Rock Insurance, the offer price of N1.23 kobo per share represents a premium of 208% to the 60-day volume-weighted average share price and 140% of the Company's closing share price on February 26th, 2020.

The Board noted that the offer had been fully considered but it recommended it to shareholders of the company for consideration and approval.

It promised to reveal further details concerning the offer however, shareholders of the law firm have been advised to exercise caution when dealing in the company's shares until a final decision is made.

This is not the first time Verod would be assuming a 100% buy out of a company's shares, in September 2019, the firm acquired 100% of Metropolitan Life Insurance Nigeria Limited from South African-based Momentum Metropolitan Holdings Limited.

Though the amount was not disclosed, Metropolitan had to exit the Nigerian market in line with its Reset and Grow strategy.

Verod is active across various sectors, including but not limited to light manufacturing, consumer goods, business services, agriculture, education, healthcare and financial services. Verod seeks to partner with companies with proven business models and high market growth potential, led by motivated management teams, to build sustainable and responsible regional leaders in their respective industries.