GlaxoSmithKline: Worth Watching On Its Strong Pipeline
By Mel Daris:GlaxoSmithKline (GSK) still wants to buy Human Genome Sciences (HGSI), despite the fact that the smaller company seems less than keen on the idea.Even though Human Genome Sciences has voted against the takeover bid and GlaxoSmithKline's attempts to replace its board, GlaxoSmithKline seems intent on pursuing the bid for the younger company at a price of $13 a share or $2.6 billion. Hardly any of the shares have been tended, causing GlaxoSmithKline to extend the unsolicited offer to acquire the remaining shares. However the pharmaceutical company has not upped its initial offer, so I wonder if the situation is likely to change significantly. The initial offer was set to expire last week. With the extension giving shareholders until the last business day of June to accept the offer, I do not feel that GlaxoSmithKline will get what it's looking for. If only 474,000 shares have been tendered so far,Complete Story »
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