UPDATE: Human Genome (HGSI) Rejects GSK's (GSK) $13/Share Offer
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(Updated - June 1, 2012 1:47 PM EDT)
Human Genome (Nasdaq: HGSI) oday issued the following statement in response to the GlaxoSmithKline plc (GSK) announcement regarding expiration of the Hart-Scott-Rodino waiting period:
“The HGS Board of Directors has rejected GSK’s unsolicited $13.00 per share offer, after concluding unanimously that the GSK offer is inadequate, does not reflect the value inherent in HGS and is not in the best interests of our stockholders. We announced on April 19 that our Board has authorized the exploration of strategic alternatives in the best interests of stockholders, including a potential sale of the Company. This process continues to be active and fully underway. We invited GSK to participate in this process, but GSK declined and instead commenced its unsolicited tender offer, which seeks to circumvent, disrupt and prematurely end our strategic review process to the disadvantage of HGS stockholders. We are committed to completing this process as expeditiously as possible. The HGS Board of Directors recommends that HGS stockholders reject GSK’s tender offer and not tender any of their shares to GSK.”
Human Genome (Nasdaq: HGSI) oday issued the following statement in response to the GlaxoSmithKline plc (GSK) announcement regarding expiration of the Hart-Scott-Rodino waiting period:
“The HGS Board of Directors has rejected GSK’s unsolicited $13.00 per share offer, after concluding unanimously that the GSK offer is inadequate, does not reflect the value inherent in HGS and is not in the best interests of our stockholders. We announced on April 19 that our Board has authorized the exploration of strategic alternatives in the best interests of stockholders, including a potential sale of the Company. This process continues to be active and fully underway. We invited GSK to participate in this process, but GSK declined and instead commenced its unsolicited tender offer, which seeks to circumvent, disrupt and prematurely end our strategic review process to the disadvantage of HGS stockholders. We are committed to completing this process as expeditiously as possible. The HGS Board of Directors recommends that HGS stockholders reject GSK’s tender offer and not tender any of their shares to GSK.”
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