GlaxoSmithKline plc (GSK: Quote,GSK.L) announced the results of its initial tender offer for all outstanding shares of Human Genome Sciences (HGSI: Quote) for $14.25 per share in cash, valuing HGS at approximately $3.6 billion on an equity basis, or approximately $3 billion net of cash and debt.
The initial tender offer expired at midnight, New York City time, on July 27, 2012. The depositary for the tender offer has advised GSK that as of such time, approximately 158.61 million shares had been validly tendered and not withdrawn, representing, together with shares beneficially owned by GSK, a total of approximately 79% of HGS' outstanding shares. An additional 9.16 million shares were tendered subject to guaranteed delivery procedures, which represent approximately 4% of HGS' outstanding shares.
GlaxoSmithKline will provide a subsequent offering period for four business days starting immediately for all remaining shares of HGS common stock to permit HGS stockholders who have not yet tendered their shares the opportunity to do so. This subsequent offering period will expire at 5:00 p.m., New York City time, on 2 August 2012. The same $14.25 per share in cash offered during the initial offering period will be paid to holders of HGS common stock who tender their shares during the subsequent offering period. During the subsequent offering period, tendering stockholders will not have withdrawal rights.
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by RTT Staff Writer
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