Billionaire businessman, Femi Otedola, has revealed that his offer to buy Nigerian conglomerate, Transcorp Corporation Plc, for N250bn was rejected.
This came to light on Tuesday in a statement he issued to TheCable, weeks after the businessman acquired stakes in Transcorp and sold the shares.
He revealed that he had bought the shares of the company because he believed in the potential of the group to hit N2tn in valuation.
Otedola said, “I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximise the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.
As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.”
Going down memory lane, the majority shareholder in Geregu Power revealed some business deals between him and the chairman of Transcorp, Tony Elumelu.
