GSK announces expiration of Hart-Scott-Rodino waiting period for tender offer for HGS

Posted: 1 June 2012 | | No comments yet

GSK has clearance under the U.S. anti-trust laws to acquire HGS…

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GlaxoSmithKline plc (LSE: GSK) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (the “HSR Act”), as amended, has expired with respect to GSK’s tender offer for all the outstanding shares of Human Genome Sciences (NASDAQ: HGSI). Accordingly, GSK has clearance under the U.S. anti-trust laws to acquire HGS, and the tender offer condition with respect to the expiration of the applicable waiting period under the HSR Act has been satisfied.

As previously announced, GSK commenced a tender offer on 10 May 2012 to acquire HGS for US$13.00 per share in cash. The offer represents a premium of 81 percent to HGS’s closing share price of US$7.17 on 18 April 2012, the last trading day before HGS publicly disclosed GSK’s private offer. The tender offer and withdrawal rights are scheduled to expire at 12:00 midnight New York City time on 7 June 2012.

Lazard and Morgan Stanley are acting as financial advisors to GSK and Cleary Gottlieb Steen & Hamilton and Wachtell, Lipton, Rosen & Katz are providing legal advice.

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