GSK Deal: SEC Moves to Protect Investors

The Securities and Exchange Commission (SEC), regulator of the Nigerian capital market, has said that the management of GlaxoSmithKline United Kingdom (GSK UK) should revisit it proposed share price for the acquisition of 75% stake in the company’s Nigerian unit.

The Exchange Commission, in protecting minority investors, also said that GSK UK board members withdraw from voting during court-ordered general meeting to consider its proposal to raise its stake from 46.4% to 75% in Glaxosmithkline Consumer Nigeria Plc.

GSK UK had last November come up with the proposal through a scheme of arrangement, which the board of GSK Nigeria accepted.