Wednesday, May 09, 2012

Glaxo goes hostile

GSK to go hostile with $2.6 billion Human Genome tender

By Ben Hirschler

LONDON | Wed May 9, 2012 1:42pm BST

(Reuters) - GlaxoSmithKline will take its $2.6 billion (1.6 billion pounds) bid for Human Genome Sciences direct to shareholders this week, after its takeover offer was rejected last month by the U.S. biotech group's board.

The decision to go hostile with the $13 a share cash tender offer sets GSK up for a potentially lengthy battle with those Human Genome investors who believe it is not offering enough.

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