LONDON--Pharmaceutical giant GlaxoSmithKline PLC (GSK.LN) and
GlaxoSmithKline Consumer Nigeria PLC (GLAXOSMITH.LA) said Monday
they have agreed to withdraw the scheme of arrangement for GSK to
increase its ownership in GSK Nigeria to 75% so they can consider
amendments to the proposal for GSK to increase its indirect
ownership in GSK Nigeria.
MAIN FACTS:
-GSK and GSK Nigeria have agreed to consult shareholders and the
Securities and Exchange Commission about the proposal, including
whether it should be implemented by way of a tender offer.
-There can be no assurance that the proposal will proceed by way
of a tender offer or otherwise.
-GSK and GSK Nigeria have started work towards the formalization
of updated long term arrangements that would allow GSK Nigeria to
continue to distribute the global Lucozade and Ribena brands in
Nigeria and certain countries in West Africa.
-A general meeting of shareholders of GSK Nigeria convened for
July 23 to consider the proposed scheme of arrangement will
therefore be held and adjourned indefinitely.
-GSK shares in London at 1040 GMT down 21 pence, or 1.25%, at
1693 pence valuing the company at 84.2 billion pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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