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Glaxosmithkline Plc Announces Agreement In Principle To Increase Stake In GlaxoSmithKline Consumer Nigeria PLC

Monday, 26 Nov 2012 02:00am EST 

Glaxosmithkline Plc and GlaxoSmithKline Consumer Nigeria PLC announced that they have reached agreement in principle on the terms of a proposal whereby GSK would increase ownership in the Company from 46.4% to 80%. A minimum public shareholding of 20% is required for a company to maintain a listing on the Nigerian Stock Exchange. Under the terms of the Proposal, GSK would acquire approximately 321 million shares in the Company on a pro rata basis from public shareholders, at an offer price of NGN48 per share. It is intended that the Proposal be effected by way of a Scheme of Arrangement. The total value of the transaction at the offer price is approximately NGN15.4 billion (GBP62 million). Citigroup Global Markets Limited is acting as financial adviser to GSK. 

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30 Oct 2014