On September 24, 2024, FMN announced that its majority shareholder has officially extended an offer to acquire the remaining shares held by minority stakeholders.

The process is being executed through a scheme of arrangement and has gotten a "No Objection" from key regulatory bodies, including NGX and SEC.

This was a strategic initiative advised by the company's Board, which will efficiently allow the majority shareholder to align the different entities of FMN in accordance with their peculiar characteristics. This will be made possible by attracting investment that will help achieve long-term growth and a vision for each entity.

This move is expected to enhance management efficiency and decision-making by allowing the company to operate more swiftly and flexibly.

FMN will, therefore, apply to the Federal High Court for a meeting of shareholders following the intimation of NGX and SEC of the buyout offer and the Board resolution that recommended the proposal to shareholders. It is on this COM that a resolution for the buyout of minority shareholders shall be proposed. For the resolution to pass, it needs the "yes vote" of at least 75 percent of the shareholders present and voting either in person or by proxy.

Commenting on the development, FMN's Group Managing Director Boye Olusanya, said "As part of our ambition to be number one Pan-African food business, the new change is another step in line with our roadmap to become a high-performance resilient, flexible enterprise across its people, systems and structures over a ten-year vision.