Galxo Group rejects ACDIMA’s acquisition offer

The majority shareholder, Glaxo Group Limited, noted that it has no intention to sell any of its shares i

  

ArabFinance: GlaxoSmithKline (GSK - Egypt) (BIOC) received a letter from the Arab Company for Drug Industries & Medical Appliances (ACDIMA) expressing its interest to acquire the majority shareholder’s stake in the company, according to a statement to the Egyptian Exchange on March 14th.

The majority shareholder, Glaxo Group Limited, noted that it has no intention to sell any of its shares in the company nor engaging in any sale process with any party at this time.

On March 11th, GSK – Egypt announced that Hikma Pharmaceuticals would not submit a Mandatory Tender Offer (MTO) to acquire Glaxo Group's 91.2% stake.

GSK Egypt announced that the majority shareholder, Glaxo Group Limited, commented on the proposal submitted by ACDIMA Egypt Rameda regarding the potential acquisition.

GSK Egypt, a member of the British pharmaceutical company Glaxo Group, is an Egypt-based company engaged in the manufacture, packaging, marketing, sale, and distribution of pharmaceutical products.

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