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Biotechnology Business
GlaxoSmithKline Reduces Minimum Tender Condition and Extends Tender Offer To Acquire Genelabs Technologies, Inc.
January 16th, 2009
GlaxoSmithKline plc (LSE/NYSE: GSK) announced that it has reduced the minimum tender condition and extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. (NASDAQ: GNLB), for $1.30 in cash per share without interest and less any required withholding taxes. The minimum tender condition was reduced to the number of Genelabs' shares that when added to the maximum number of Genelabs' shares issuable in the "top-up" option equals one share more than 90 percent of the outstanding Genelabs shares on a fully diluted basis. Based on information provided by Genelabs, GSK estimates the minimum tender...
Source: Health Business Week (2009-01-16)
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