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GSK extends Genelabs acquisition deadline

This article was originally published in Scrip

Executive Summary

GlaxoSmithKline has extended its $57 million offer to buy the outstanding stock of Genelabs Technologies to comply with the terms of its tender offer. The UK company and its wholly owned subsidiaries must own at least 90% of the total outstanding Genelabs shares on a fully diluted basis. GSK had validly tendered 79.1% of Genelab stock by midnight, New York City time, on December 12th, the original expiry date for the offer. It has received notices of guaranteed delivery of around 1.4 million shares, increasing its stake and that of itswholly owned subsidiaries of Genelabs to 82.5%. The tender offer started on November 12th, after GSK announced the deal at the end of October to strengthen its hepatitis C virus portfolio (Scrip Online, October 30th, 2008). The offer will expire at 5pm, New York City time, on December 29th.

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