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GlaxoSmithKline PLC (GSK.LN), a British pharmaceutical company, said Thursday it believes its tender offer for Human Genome Sciences(HGSI) represents full and fair value and is in the best interests of both companies' shareholders, adding that it will continue to proceed with its tender offer.
-The offer represents a premium of 81 percent to HGS's closing share price of $7.17 on April 18.
-Tender offer to acquire all of Human Genome Sciences outstanding shares for $13.00 per share in cash.
-The offer is not conditioned on due diligence or financing.
-The tender offer will close on June 7.
-GSK's offer incorporates the value of Benlysta, darapladib, albiglutide and HGS's pipeline and financial assets.
-It also reflects expected cost synergies of at least $200 million.
-Shares at 1723 GMT down 1%, at 1409 pence, valuing the company at GBP71 billion.
-By Mark Shapland, Dow Jones Newswires; +44 207 8429358; firstname.lastname@example.org