GlaxoSmithKline plc GSK today announced the results of its initial
tender offer for all outstanding shares of Human Genome Sciences 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withdrawn, representing, together with shares beneficially owned by GSK, a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tendered and not withdrawn were accepted for payment.
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