NIPCO Investments Limited offered to acquire 3.23% stake in Mobil Oil Nigeria plc (NGSE:MOBIL) for NGN 4.9 billion on December 13, 2016. Under the offer, NIPCO Investments Limited will acquire 11.64 million shares of Mobil Oil Nigeria at NGN 417.12 per share. In the event that all the shares subject to the offer are validly tendered, NIPCO Investments Limited will continue to operate Mobil Oil Nigeria as a separate legal entity with the new name 11 Plc.The offer is conditional upon ordinary shares having been validly tendered under the offer and not withdrawn as at the closing date, confirmation that the representations and warranties by qualifying shareholders are true and accurate in all respects and the offer shares tendered are not subject to any charge, lien or other encumbrances. As of December 13, 2016, the offer was approved by the Board of NIPCO Investments Limited. As of April 3, 2017, NIPCO Investments Limited has made an application to Securities and Exchange Commission and received authority to proceed with the offer. As of June 5, 2017, the offer was approved by SEC. The offer will remain open from May 30, 2017 to June 29, 2017. As of July 4, 2017, the closing date of offer was extended to July 27, 2017. Zenith Capital Limited and Cordros Capital Limited acted as financial advisors for NIPCO Investments Limited while P.C. OBI & CO. acted as legal advisor. Cordros Securities Limited acted as stock broker for NIPCO Investments Limited. Toby Madubueze of GTL Registrars Limited acted as registrar for Mobil Oil Nigeria. NIPCO Investments Limited completed the acquisition of additional 3.23% stake in 11 plc (NGSE:MOBIL) on August 23, 2017.