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Research-based pharmaceutical and healthcare company GlaxoSmithKline PLC (GSK) said Wednesday it won't participate in Human Genome Sciences Inc (HGSI) strategic alternatives review process and will instead start a tender offer this week to buy all of the outstanding shares of HGS for $13.00 per share in cash.
-GSK's offer represents a premium of 81% to HGS's closing share price of $7.17 on April 18.
-GSK values the long relationship it has with HGS and has clearly stated its preference to complete a transaction on a friendly basis in a timely fashion.
-GSK remains willing to meet and review its offer with HGS at any time.
-GSK shares closed Tuesday at 1407 pence valuing the company at GBP71.83 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; firstname.lastname@example.org