GlaxoSmithKline Consumer Nigeria Plc, a unit of the United Kingdom’s biggest drug maker, declined the most in more than nine years on speculation its parent won’t be forced to increase an offer to raise its stake in the business.
The stock declined 10 per cent to N60.30 by the close of trading yesterday, the biggest drop since April 2004. About 232,000 shares traded, equal to 98 per cent of the three-month daily average volume.
GlaxoSmithKline Plc (GSK) proposed to its Nigerian unit in November to raise its holding to 80 per cent from 46.4 per cent, paying N48 each for the shares. But some of the minority shareholders have kicked against the N48 price, saying they were being short-changed.