GlaxoSmithKline board rejects ACDIMA’s takeover offer for Egypt assets
Majority shareholder Glaxo has no current intentions to sell shares in GSK Egypt
GlaxoSmithKline on Sunday said its board rejected a request from the Arab Company for Drug Industries & Medical Appliances (ACDIMA) to begin due diligence process for GSK’s assets in Egypt.
Acdima, a Jordan-based pan-Arab shareholding company, expressed an interest in acquiring these assets, stake in Egypt, said GSK Egypt in an earlier bourse filling released last February.
The majority shareholder, Glaxo Group Limited, has no intention to sell any of its shares in the company nor engaging in any sale process with any party at this time, GSK’s bourse filling on Monday read.
Glaxo ceased last Thursday discussions with Hikma Pharmaceuticals about the potential acquisition of GSK’s assets in Egypt and Tunisia.
“GSK and Hikma Pharmaceuticals … have agreed to cease discussions in connection with a potential acquisition of GSK’s pharmaceutical and consumer businesses in Egypt and GSK’s pharmaceutical business in Tunisia, including the Mandatory Tender Offer for our company,” according to GSK’s Thursday statement.
“and accordingly, Hikma will not launching a Mandatory Tender Offer process to acquire the shares in our company. The Majority Shareholder (Glaxo) has informed us that it will now review its strategic options for these businesses.”
