4th Jun 2021 16:53
(Alliance News) - GlaxoSmithKline PLC on Friday noted a "mini-tender" offer by TRC Capital Investment Corp and recommended its shareholders reject it.
Investment firm TRC Capital intends to purchase up to 3.0 million American depositary shares at a price of USD37.10 each in cash. As described by TRC Capital, its offer is being made at a 4.5% discount to the closing price of USD38.85 per share on May 21, the last trading day before the offer commenced.
The pharmaceutical company said it "does not endorse" TRC Capital's offer and recommends that ADS holders reject the offer.
GlaxoSmithKline shares were trading 0.7% higher in London on Friday at 1,353.20 pence each. Its ADS were up 0.5% in New York at USD38.91 each.
By Evelina Grecenko; [email protected]
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