GlaxoSmithKline Consumer Nigeria Plc has notified The Nigerian Stock Exchange that it received an offer from Suntory Beverage & Food Ltd to divest the bottling and distribution of its Drinks Business.

The Board of Directors of GlaxoSmithKline Consumer Nigeria Plc (GSK Nigeria) announced that it has received a non-binding offer from Suntory Beverage & Food Ltd (SBF, Suntory) for the divestment of its drinks bottling and distribution business. The Board has therefore granted Suntory access to certain due diligence information in GSK. There can be no assurance that Suntory will make a binding offer following completion of its due diligence review, or whether the terms of any such offer will be acceptable.

The financial terms of Suntory’s non-binding offer remain confidential.

The decision is subject to shareholder and regulatory approvals. If the transaction is agreed and the shareholders and regulators were to approve the sale, the retained business of GSK Nigeria would comprise of its Wellness, Oral healthcare, Nutrition and Pharmaceutical/Vaccines businesses, and the Company would remain listed on the Nigerian Stock Exchange (NSE).