Glaxo (GSK) Extends $13/Share Tender for Human Genome (HGSI)
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GlaxoSmithKline plc (NYSE: GSK) today confirmed that it has received a renewed invitation from Human Genome Sciences’ (Nasdaq: HGSI) to participate in its strategic alternatives review process which started in April. GSK also notes the newly announced date of 16 July 2012 for submission of definitive acquisition proposals.
GSK continues to believe that participation in the process is unnecessary given the company’s offer is not conditioned on due diligence or financing and can be completed expeditiously. GSK knows HGS well based on a 20-year relationship and is uniquely positioned to deliver on the opportunity of the combination. GSK has therefore today sent a letter to HGS declining again to participate in this process.
GSK’s offer to acquire all of the outstanding shares of HGS for US$13.00 per share in cash represents a premium of 81 percent to HGS’s closing share price of US$7.17 on 18 April 2012, the last trading day before HGS publicly disclosed GSK’s private offer.
GSK continues to believe that participation in the process is unnecessary given the company’s offer is not conditioned on due diligence or financing and can be completed expeditiously. GSK knows HGS well based on a 20-year relationship and is uniquely positioned to deliver on the opportunity of the combination. GSK has therefore today sent a letter to HGS declining again to participate in this process.
GSK’s offer to acquire all of the outstanding shares of HGS for US$13.00 per share in cash represents a premium of 81 percent to HGS’s closing share price of US$7.17 on 18 April 2012, the last trading day before HGS publicly disclosed GSK’s private offer.
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