U Turn: SEC Blocks GSK Deal, Increases Price To N60

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Apparently waking up to its responsibility in protecting minority investors and sending  a strong signal  to multinationals, the Securities and Exchange Commission (SEC) may have barred  GlaxoSmithKline United Kingdom (GSK UK) from voting during court-ordered general meeting   tomorrow to consider its proposal to raise its stake from 46.4 per cent to 75 per cent in Glaxosmithkline Consumer Nigeria Plc.
Besides, the regulator of the Nigerian capital market has fixed the share price for the deal at a minimum of N60 per share, compared with the N48 initially approved.

 

SEC Slams the Door on GSK Deal