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GSK to launch $2.6 billion Human Genome tender offer

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-09-12 03:33 AM
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GSK to launch $2.6 billion Human Genome tender offer
GSK to launch $2.6 billion Human Genome tender offer

By Ben Hirschler

LONDON | Wed May 9, 2012 4:03am EDT

(Reuters) - GlaxoSmithKline is to take its unsolicited $2.6 billion takeover bid for Human Genome Sciences direct to shareholders in the U.S. biotech group by launching a tender offer at $13 a share this week.

Human Genome rejected the approach from Britain's biggest drugmaker last month, saying it did not reflect the company's inherent value, but GSK insists its bid is full and fair.

The decision to push ahead with the cash offer, which is 81 percent above Human Genome's share price before the bid, is an aggressive move that sets up GSK for a battle with those Human Genome investors who believe it is not offering enough.

I have a gut reaction against dealing in things like dna. But, as long as they are dealing, it would seem to me to be worth a hell of a lot more than $2.6 billion.
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