• GlaxoSmithKline Consumer Nigeria Plc has announced that its Board of Directors have approved the binding offer to sell its drinks bottling and distribution business to Suntory Beverage & Food Nigeria Ltd.
  • The company has now recommended that its shareholders approve the offer
  • This announcement takes the company one step closer towards spinning off division that is said to contribute about 55% of the Company’s revenue
  • The company received a non-binding offer from Suntory Beverage & Food Nigeria Ltd. back in January 2016.
  • No timeline has been set as to when the deal will be completed as it will still require SEC approval after the Shareholders must have approved.
  • Rencap in an earlier report, projected that shareholders could reap as much as a 40% spike in the dividends payable by the company at the end of 2016 recommending a buy position for the stock
  • Press release

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