GlaxoSmithKline announced Friday the extension of its $2.6-billion tender offer to acquire all outstanding shares of Human Genome Sciences to July 20, from a previous date of June 29. The UK drugmaker noted that as of June 28, approximately 375 526 shares had been tendered to the offer, although Human Genome Sciences indicated that this represents less than 1 percent of its shares.
GlaxoSmithKline said that the $13.00-per share cash bid, which was originally set to end on June 7 before being extended, will now expire after the July 16 deadline set by Human Genome Sciences for the submission of acquisition proposals under its strategic review process. “Extension of the tender offer…will provide [Human Genome Sciences] shareholders the opportunity to evaluate the outcome of the…[Human Genome Sciences] board’s process relative to [our] offer,” the UK company indicated.
GlaxoSmithKline added that “based on circumstances at that time, [it] will consider all available options regarding its offer but can make no assurance that the tender offer will be further extended.” However, the UK drugmaker indicated that it “remains willing to meet and review its offer” with Human Genome Sciences.
