ROCKVILLE, Md. — GlaxoSmithKline again has extended an unsolicited tender offer to acquire Human Genome Sciences.
HGS, which previously rejected an unsolicited bid from GSK, said the latest bid, which was extended Friday, is a tender offer to acquire all of the outstanding shares of HGS for $13 per share. HGS said that the offer price is inadequate and "does not reflect the value inherent in [the company]."
"As previously announced, our board has authorized the exploration of strategic alternatives in the best interests of stockholders, including a potential sale of the company. This process continues to be active and fully underway," HGS said. "GSK declined to enter the process and, through its unsolicited tender offer, seeks to circumvent, disrupt and prematurely end the Company’s process to the disadvantage of HGS stockholders. We are committed to completing our exploration of strategic alternatives as expeditiously as possible, and the HGS board of directors recommends that HGS stockholders reject GSK’s tender offer and not tender any of their shares to GSK."