GlaxoSmithKline is giving Human Genome Sciences shareholders some more time to think about whether or not to hand over their shares.

Bloomberg News

The U.K. pharmaceutical giant is delaying what would have been last night’s expiration for three weeks. It now says the $13 a share offer will expire June 29.

Human Genome said in a release that less than one quarter of a percent of its shares have been tendered to Glaxo so far. The company reiterated it believes the offer is “inadequate.”

GlaxoSmithKline made a bid for the biotech firm in April and then went hostile last month. But it has been met with  resistance from Human Genome, which has refused to talk and implemented a poison pill with a 15% trigger. Human Genome, however, has launched a strategic review and invited GlaxoSmithKline to participate in that.

GlaxoSmithKline says today it continues to believe the offer is full and fair and a chance for shareholders to obtain immediate cash instead of holding out for what may be a risky future.

Human Genome shares were up 2% to $13.49 in premarket trading.


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