Emerald HoldCo B.V., the new majority owner of Beta Glass, has commenced a mandatory takeover offer to acquire up to 11.74 million shares held by other shareholders of the glass container manufacturer.

The core investor is offering N590.94 to purchase each share. This price represents a 5 per cent premium above the market price of N562.8 per unit at the start of trade on Lagos’ Customs Street on Tuesday.

Beta Glass confirmed in a regulatory filing that Emerald HoldCo’s board of directors approved the offer on 5 February 2026. This authorizes the takeover offer for shares representing 1.96% of the company's total issued and fully paid share capital, excluding those held by Packaging Industries Nigeria Limited and Emerald Nigeria Intermediate Holdings B.V.

The Securities and Exchange Commission (SEC) has approved the offer, with the qualification date set for Thursday, 25 June 2026. The offer period began on 7 July and will conclude on 4 August.

This development follows a deal announced last December, where London-based private equity firm Helios Investment Partners procured Frigoglass Group’s stake in Beta Glass for $100 million. The cash settlement for this transaction was executed in March 2026.

Netherlands-incorporated Emerald HoldCo is a special purpose vehicle, ultimately controlled through two investment funds managed by Helios: Helios Investors V (Mauritius) L.P and Helios Investors V L.P.

In February 2026, Emerald HoldCo completed the acquisition of 100% of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V). This entity owns 76.03% of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group.

Following these transactions, Emerald HoldCo now holds indirect ownership of 331,260,999 shares in Beta Glass, which were formerly owned by the Frigoglass Group. This translates to approximately 55.2 per cent of Beta Glass’s issued share capital.