GlaxoSmithKline Plx (GSK,GSK.L) Friday announced that it has set the time of its tender offer to acquire all of the outstanding shares of Human Genome Sciences (HGSI) at a price of $13.00 per share in cash till 5.00 p.m New York City time on July 20, 2012.
The company stated that the tender offer is due to expire after 16th July 2012, the deadline set by HGS for submission of definitive acquisition proposals in its strategic alternatives review process which began on 19 April after GSK made a private proposal on 11 April.
GSK stated that the time for the expiry of the tender offer till July 20 will provide HGS shareholders the opportunity to evaluate the outcome of the HGS Board's process relative to GSK's offer.
GSK's offer, which is not conditioned on due diligence or financing, represents a premium of 81 percent to HGS's closing share price of US$7.17 on 18 April, the last trading day before HGS publicly disclosed GSK's private offer.
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