GlaxoSmithKline's $2.6 Billion Bid for Human Genome Sciences, Inc. Goes Hostile
Published: May 10, 2012
GlaxoSmithKline will take its $2.6 billion bid for Human Genome Sciences direct to shareholders this week, after its takeover offer was rejected last month by the U.S. biotech group's board. The decision to go hostile with the $13 a share cash tender offer sets GSK up for a potentially lengthy battle with those Human Genome investors who believe it is not offering enough. "They will do fantastically well out of this - at $13 it is a steal," said Mark Evans, a fund manager at Taube Hodson Stonex, the sixth largest investor in Human Genome with a 5.6 percent stake.