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

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.