Business
Shareholders Endorse Suspension Of GSK UK’s Bid
Shareholders of the GlaxoSmithkine Consumer Nigeria Plc (GSK Nigeria) has endorsed the suspension of GlaxoSmithkline United Kingdom’s (GSK UK) bid to increase stakes in GSK Nigeria.
The shareholders gave the approval at the company’s Extra-Ordinary General Meeting (EGM) held in Lagos recently.
The GSK UK had intended to increase its stakes from 46.4 per cent to 75 per cent in the GSK Nigeria.
The National Coordinator, Independent Shareholders’ Association of Nigeria, Mr Sunny Nwosu, said that the suspension would ensure full consultation with all the parties involved.
Nwosu called on GSK UK to come up with a deal that would favour the minority shareholders.
Reports says that the GSK UK, on July 22, stopped the bid following an opposition by shareholders.
Besides, GSK UK was discouraged by the upward review of the company’s share price from N48 to N60 by the Securities and Exchange Commission.