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By InvestAdvocate
Lagos (INVESTADVOCATE)-Drugmaker, GlaxoSmithKline Consumer Nigeria Plc (GSK) on Thursday announced that it has received a non-binding offer from Suntory Beverage & Food Ltd for the divestment of its drink bottling and distribution business.
“The Board has therefore granted Suntory access to certain due diligence information in GSK,” the drugmaker said in an issuer’s announcement dated January 25, 2016 to the Nigerian Stock Exchange (NSE).
According to GSK, there can be no assurance that Suntory will make a binding offer following completion of their due diligence review, or whether the terms of such offer will be acceptable.
“The financial terms of Suntory’s non-binding offer remain confidential,” the company added.
It said the decision is subject to shareholder and regulatory approval. “If the transaction is agreed and the shareholder and regulators were to approve the sale, the retained business of GSK Nigeria would comprise of its Wellness, Oral healthcare, Nutrition and Pharmaceutical/Vaccines business, and the Company would remain listed on the Nigerian Stock Exchange,” GSK affirmed.
The drugmaker said further details will be communicated to the market in due course.
Shares of GSK at the close of the day’s business on the Nigerian bourse climbed up 1.47 percent to N26.99 per share from N26.60 per share traded the previous session.
