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GlaxoSmithKline PLC (GSK.LN) confirmed Thursday that it made an offer to the board of Human Genome Sciences (HGSI) on April 11 proposing to buy the outstanding shares of Human Genome for $13 each in cash, but said the offer has been rejected without discussion.
-GlaxoSmithKline believes the acquisition can be completed expeditiously and is prepared to start a cash tender offer with no financing or due diligence condition.
-Offer represented a 81% premium to Human Genome's closing share price Wednesday.
-Through complete ownership, GlaxoSmithKline can simplify and optimize R&D, commercial and manufacturing operations to advance these products most effectively and efficiently while securing the full potential long-term value of the assets.
-GlaxoSmithKline expects to achieve at least $200 million in cost synergies to be fully realized by 2015 and expect the transaction to be earnings-accretive beginning in 2013.
-GlaxoSmithKline has also assessed the potential returns of this acquisition relative to its long-term share buyback program.
-As part of this ongoing program, GlaxoSmithKline continues to expect to repurchase GBP1 billion to 2 billion in shares in 2012.
-GlaxoSmithKline shares at 1153 GMT up 17 pence or 1.1%, at GBP14.58, valuing the company at GBP72.69 billion.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; email@example.com