17th Jan 2022 06:38
(Alliance News) - GlaxoSmithKline PLC on Saturday confirmed it has received and rejected three unsolicited and non-binding bids for its Consumer Healthcare business from consumer goods maker Unilever PLC.
The latest offer from Unilever was made on December 20 and had a total acquisition value of GBP50 billion, comprising GBP41.7 billion in cash and GBP8.3 billion in Unilever shares.
The offer was rejected by the Brentford, England-based pharmaceutical group, on the grounds that the offer undervalued the business. The approach was first reported by the Sunday Times newspaper on Saturday.
"The board of GSK unanimously concluded that the proposals were not in the best interests of GSK shareholders as they fundamentally undervalued the Consumer Healthcare business and its future prospects," Glaxo said.
GSK said it remains focused on carrying on with the proposed demerger of its Consumer Healthcare arm, and having it list on the London Stock Exchange in mid-2022.
The business was formed in August 2019 as a joint venture with Pfizer Inc, which holds a 32% interest, while GSK holds the remaining 68%.
By Dayo Laniyan; [email protected]
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