×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Unilever | GlaxoSmithKline | Bid

Unilever Won't Top $68B Bid for GSK Consumer Healthcare Unit

Unilever Won't Top $68B Bid for GSK Consumer Healthcare Unit

Wednesday, 19 January 2022 02:00 PM EST

LONDON (AP) — Unilever, the maker of Vaseline skin care products and Dove soap, says it won’t increase a 50 billion-pound ($68.2 billion) offer for GlaxoSmithKline’s consumer healthcare unit that was rejected last week.

London-based GSK said Saturday that the bid “fundamentally undervalued” the unit. The offer, which included 41.7 billion pounds in cash and Unilever shares valued at 8.3 billion pounds, was the latest of three unsolicited approaches from Unilever, GSK said in a statement.

Unilever responded late Wednesday, saying it wouldn’t increase the bid.

“We note the recently shared financial assumptions from the current owners of GSK Consumer Healthcare and have determined that it does not change our view on fundamental value,” London-based Unilever said in a statement.

After rejecting the Unilever offer, GSK said it remains focused on plans to spin off the consumer unit into a new independent company by the middle of this year. GSK Consumer Healthcare, which makes Sensodyne toothpaste, Advil pain relievers and Centrum vitamins, was formed by the merger of GSK’s consumer business with those of Novartis and Pfizer, which still holds a stake in the unit.

GSK Consumer Healthcare accounts for less than 30% of the parent company’s total revenue, with the rest generated by pharmaceuticals and vaccines.

Shares of GSK rose as much as 5% on Monday after reports of the Unilever bid. The stock has declined over the past two days, dropping 2% to 1,666.4 pence on Wednesday in London trading.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Unilever, the maker of Vaseline skin care products and Dove soap, says it won't increase a 50 billion-pound ($68.2 billion) offer for GlaxoSmithKline's consumer healthcare unit that was rejected last week.London-based GSK said Saturday that the bid "fundamentally...
Unilever,GlaxoSmithKline,Bid
241
2022-00-19
Wednesday, 19 January 2022 02:00 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved