GlaxoSmithKline (NYSE:GSK) said on Friday it has declined a renewed invitation from Human Genome Sciences (NASDAQ:HGSI) to participate in its ongoing strategic alternative review.
The invitation comes a week after Human Genome rejected GSK's $13 a share cash offer, calling the bid inadequate.
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Human Genome has been undergoing a strategic review, including the potential sale of the company, since April. The company plans to stop accepting bids by July 16.
But GSK said its $13 offer represents an 81% premium to Human Genome’s closing price of $7.17 on April 18, the last day before the talks were made public. It said the offer reflects “full and fair value and is in the interests of shareholders of both companies.”
The U.K.-based company said it continues to believe that participation in Human Genome’s strategic review process is “unnecessary,” especially since the company’s offer is not conditioned on due diligence or financing that can be completed in a timely manner.
“GSK knows HGS well based on a 20-year relationship and is uniquely positioned to deliver on the opportunity of the combination,” the company said in a statement. “GSK has therefore today sent a letter to HGS declining again to participate in this process.”
While GSK said it will move forward with its tender offer directly to Human Genome’s shareholders, it remains open to reviewing its offer directly.