GlaxoSmithKline Will Pay $14.25/Share to Remaining Human Genome Sciences Holders
GlaxoSmithKline plc (NYSE: GSK) today announced the results of its initial tender offer for all outstanding shares of Human Genome Sciences (NASDAQ: HGSI) for US$14.25 per share in cash, valuing HGS at approximately US$3.6 billion on an equity basis, or approximately US$3 billion net of cash and debt.
The initial tender offer expired at midnight, New York City time, on 27 July 2012. The depositary for the tender offer has advised GSK that as of such time, approximately 158,607,627 shares had been validly tendered and not withdrawn, representing, together with shares beneficially owned by GSK, a total of approximately 79% of HGS' outstanding shares.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 9,155,762 shares were tendered subject to guaranteed delivery procedures, which represent approximately 4% of HGS' outstanding shares. All shares validly tendered and not withdrawn were accepted for payment.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.