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Ardova moves to acquire Enyo Retail and Supply limited

ARDOVA Plc (AP) and Enyo Retail and Supply Limited (Enyo) have entered discussions on possible acquisition of Enyo by Ardova. Ardova’s share price rose by 1.52 per cent or 30 kobo to N20 per share yesterday at the Nigerian Stock Exchange (NSE) as investors received preliminary briefing on the acquisition. Chief Executive Officer, Ardova Plc, Mr Olumide Adeosun, said the parties have advanced in discussions and are committed to concluding the deal by the end of first quarter 2021. According to him, after the completion of the deal, Ardova will retain the Enyo branded stations which will operate side by side with the AP brand while leveraging the strengths of AP and its group companies. He said Ardova Plc and Enyo Retail & Supply Limited will provide further information on progress made on the proposed acquisition. Ardova on Wednesday stated that shareholders of Enyo have accepted in principle AP’s offer and acquisition framework, though the conclusion of the deal is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals. Enyo is one of the newest and fastest growing retail and supply companies in the downstream sector.