Human Genome Sciences Inc. (HGSI) issued a statement regarding the extension by GlaxoSmithKline plc (GSK,GSK.L) of its unsolicited tender offer to acquire all the outstanding common shares of HGS at a price of $13.00 per share in cash and GSK's statement that approximately 375,526 shares of HGS common stock have been tendered into their offer.
HGS noted that less than one percent of its shares outstanding tendered into the GSK offer.
HGS said its Board of Directors has rejected GSK's unsolicited $13.00 per share tender offer after determining, in consultation with financial and legal advisors, that the GSK offer price is inadequate and does not reflect the value inherent in HGS.
Previously, Human Genome said its board has authorized the exploration of strategic alternatives in the best interests of stockholders, including a potential sale of the Company, and has set a bid date of July 16, 2012 for the submission of definitive proposals to acquire all outstanding common shares of HGS.
Human Genome noted that the process continues to be active and fully underway. Although HGS continues to welcome GSK's participation, GSK has twice declined to enter the process. HGS sad its Board of Directors recommended that HGS stockholders reject GSK's tender offer and not tender any of their shares to GSK.
Earlier today, GlaxoSmithKline announced that it has set the time of its tender offer to acquire all of the outstanding shares of Human Genome Sciences at a price of $13.00 per share in cash till 5.00 p.m New York City time on July 20, 2012.
GlaxoSmithKline 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 said its offer 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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