LONDON (dpa-AFX) - GlaxoSmithKline plc (GSK, GSK.L) commented on Human Genome Sciences (HGSI) Board of Directors' decision to recommend against GSK's tender offer to acquire all of the outstanding shares of HGS for US$13.00 per share in cash.
GlaxoSmithKline said in a statement that it continues to believe that now is the appropriate time in the evolution of the GSK/HGS relationship for the companies to combine and that GSK is uniquely positioned to deliver on the opportunity of the combination.
GlaxoSmithKline noted that it will continue to proceed with its tender offer and has clearly stated its preference to complete a transaction on a friendly basis in a timely fashion. The tender offer will close on June 7th.
Earlier today, Human Genome Sciences said its Board has unanimously determined that the unsolicited tender offer from GlaxoSmithKline to acquire all outstanding common shares of HGS for $13.00 per share in cash is inadequate, undervalues the company and is not in the best interests of HGS and its stockholders.
Human Genome Sciences said its Board has adopted a Stockholder Rights Plan and declared a dividend of one share purchase right for each share of HGS's common stock held of record at the close of business on May 29, 2012
In April 2012, Human Genome Sciences had said it has received an unsolicited proposal from GlaxoSmithKline for US$13.00 per share cash.
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© 2012 AFX News
