Is Human Genome (HGSI) Getting Desperate for a Deal?
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Traders are commenting on Human Genome Sciences' (Nasdaq: HGSI) PR-blitz this morning announcing a July 16 deadline for submissions of a definitive takeover bid.
In an unusual move, HGSI first sent out a PR at 12:01AM ET announcing "Human Genome Sciences Announces July 16 as the Date for Submission of Definitive Acquisition Proposals". As if that wasn't enough, the company sent out a "repeat" PR at 7:09AM ET.
Some suggest the move reeks of desperation.
It appears the company is taking to the media to convince GlaxoSmithKline (NYSE: GSK) that $13 is "not good enough... and they want more."
Traders have bid the shares slightly higher on the PR-blitz, but may be reading between the lines: GSK is only bidder at the table and they're not budging.
Shares last traded at $13.10, just above the offer on the table. Notably, they are down from a post takeover bid high of $15.49.
In an unusual move, HGSI first sent out a PR at 12:01AM ET announcing "Human Genome Sciences Announces July 16 as the Date for Submission of Definitive Acquisition Proposals". As if that wasn't enough, the company sent out a "repeat" PR at 7:09AM ET.
Some suggest the move reeks of desperation.
It appears the company is taking to the media to convince GlaxoSmithKline (NYSE: GSK) that $13 is "not good enough... and they want more."
Traders have bid the shares slightly higher on the PR-blitz, but may be reading between the lines: GSK is only bidder at the table and they're not budging.
Shares last traded at $13.10, just above the offer on the table. Notably, they are down from a post takeover bid high of $15.49.
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