- 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.
- Glaxo Adds Three More Weeks For Human Genome Tender (blogs.wsj.com)
- Glaxo Extends Deadline for Human Genome Sciences Bid (dealbook.nytimes.com)
- GlaxoSmithKline Eyes Replacing Human Genome Sciences, Inc. Board (biospace.com)
- Human Genome Rejects $2.6B Bid From GlaxoSmithKline (Update 1) (thestreet.com)
- Human Genome Shareholder Seeks to Block Poison Pill (blogs.wsj.com)
- Human Genome Lays Out Its Valuation Case (fool.com)