GSK: rejects Unilever's bid for consumer healthcare business
(CercleFinance.com) - GlaxoSmithKline said on Monday that it had rejected three bids from Unilever for its consumer healthcare business.
The British biopharmaceutical group said that the last offer received, dated 20 December, valued the business at about 50 billion pounds (about 60 billion euros).
In a statement, GSK said it had rejected all three of Unilever's bids on the grounds that they all undervalued its consumer healthcare subsidiary and its growth prospects.
GlaxoSmithKline's consumer healthcare business is the result of a joint venture with Pfizer, in which GSK is the majority owner (68%), with Pfizer the remaining 32%.
The company says it plans to spin off the business by mid-year.
This news wooed the market - GSK shares are currently up about 5%.
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