GlaxoSmithKline (GSK; NYSE:GSK) plc announced that it had received three unsolicited proposals from Unilever plc (LON:ULVR) to buy its GSK Consumer Healthcare unit for £50 billion (about $68 billion).

GSK rejected the offers, explaining in a statement that the proposals “fundamentally undervalued” the business unit.

Last year, the division generated £9.6 billion in revenue.

Despite being thrice rejected, Unilever said it still was interested in acquiring the GSK unit, which manufactures products ranging from pain relievers like Advil to toothpaste.

Investors reacted by sending ULVR shares down 3.86% to £3,520.50.

Conversely, GSK shares were up 2.97% to $46.82.

The rating agency Fitch concluded that it could downgrade Unilever’s credit rating from A with a “stable” outlook to BBB if it executed such a large deal.

The analyst Bruno Monteyne at Bernstein described the proposed merger as “a very bad deal.”

GSK Consumer Healthcare is a joint venture between GSK and Pfizer (NYSE:PFE), with the latter owning 32%.