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

December 30, 2008 9:16 AM EST

GlaxoSmithKline plc (NYSE: GSK) announced that it 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.

The depositary for the tender offer has advised GSK that as of 5:00 p.m., New York City time, on Monday, December 29, 2008, approximately 36,425,725 shares of Genelabs common stock had been validly tendered and not withdrawn pursuant to the tender offer. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 82.2 percent of the outstanding Genelabs shares on a fully diluted basis.
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