GlaxoSmithKline (GSK) Reduces Minimum Tender Condition and Extends Tender Offer To Acquire Genelabs Technologies

December 30, 2008 8:59 AM EST

GlaxoSmithKline plc (NYSE: GSK) has reduced the minimum tender condition and extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB), for $1.30 in cash per share without interest and less any required withholding taxes.

The minimum tender condition was reduced to the number of Genelabs' shares that when added to the maximum number of Genelabs' shares issuable in the "top-up" option equals one share more than 90 percent of the outstanding Genelabs shares on a fully diluted basis. Based on information provided by Genelabs, GSK estimates the minimum tender condition to be 74.8 percent of the outstanding Genelabs shares on a fully diluted basis.

All other terms and conditions of the tender offer remain the same. The terms and conditions of the tender offer are set forth in the Offer to Purchase, dated November 12, 2008, and as subsequently amended.

GlaxoSmithKline is one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer.[SM]

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