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GlaxoSmithKline’s bid for Human Genome Sciences cleared, but rejected by HGS Board

By  |  June 3, 2012

The Hart-Scott-Rodino waiting period for GlaxoSmithKline’s (GSK) tender offer for Human Genome Sciences (HGS) has expired. Human Genome Sciences is a Rockville, MD-based biopharmaceutical corporation. Under the terms of the offer, GSK would buy all outstanding shares of HGS for $13/share in cash.

However, the HGS Board of Directors has rejected the offer as inadequate and urged shareholders to reject the offer as well. According to the HGS press release in response to the HSR termination announcement, GSK’s tender offer was unsolicited and “seeks to circumvent, disrupt and prematurely end [HGS’s] strategic review process.

Full content: MarketWatch

 

Related content: New Horizontal Merger Guidelines Indicate Greater Scrutiny of High Tech and Pharmaceutical Transactions (Janet McDavid & Eric Stock, Hogan Lovells)

 

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