Unilever plc (LON:ULVR) subsidiary, Unilever Corporate Holdings Nederland B.V., has launched a unconditional and irrevocable partial cash offer for all 6% and 7% cumulative preference shares in the capital of Unilever N.V.
The board of Unilever N.V. has unanimously recommended the offer to holders of the preference shares for acceptance.
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The company, which made an initial aNNouncement on the offer on August 9, said the move represents an “important step towards simplification of Unilever's capital structure and improving corporate governance by strengthening the link between economic interest and voting rights for shareholders”.
The offer price represents a premium of 264% to the closing price per 6% cumulative preference subshare and a premium of 288% to the closing price per 7% cumulative preference subshare on 8 August 2017.
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The acceptance period for holders of preference shares to tender their preference shares starts on 12 October 2017 and ends on 25 October 2017.
The offeror will terminate the listing of the preference shares on Euronext Amsterdam on completion of the offer.
NN Investment Partners B.V. and ASR Nederland N.V. have both committed to tender all their preference shares under the offer.
Shraes in Unilever rose 0.64% to 4,400p in morning trading.