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Human Genome Sciences Inc Responds To Glaxosmithkline Plc's Extension Of Unsolicited Tender Offer


Friday, 29 Jun 2012 08:56am EDT 

Human Genome Sciences Inc (HGS) announced statement regarding the extension by GlaxoSmithKline plc (GSK) of unsolicited tender offer to acquire all the outstanding common shares of HGS at a price of $13.00 per share in cash and GSK’s statement that approximately 375,526 shares of HGS common stock have been tendered into their offer. HGS noted that less than 1% of its shares outstanding tendered into the GSK offer. The HGS Board of Directors has rejected GSK’s unsolicited $13.00 per share tender offer after determining, in consultation with financial and legal advisors, that the GSK offer price is inadequate and does not reflect the value inherent in HGS. As previously announced, the Board has authorized the exploration of strategic alternatives in the interests of stockholders, including a potential sale of the Company, and has set a bid date of July 16, 2012 for the submission of definitive proposals to acquire all common shares of HGS. This process continues to be active and fully underway. Although HGS continues to welcome GSK's participation, GSK has twice declined to enter the process. The HGS Board of Directors recommends that HGS stockholders reject GSK’s tender offer and not tender any of their shares to GSK. Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC are serving as financial advisors to HGS, and Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper LLP (US) are serving as legal counsel. 

Company Quote

52.51
-0.31 -0.59%
17 Apr 2014