Glaxo Rejects $68 Billion Unilever Bid for Consumer Business

Glaxo Rejects $68 Billion Unilever Bid for Consumer Business

Bloomberg

GlaxoSmithKline Plc said it rejected an offer from Unilever Plc for the drugmaker’s consumer healthcare unit last year that valued the business at about 50 billion pounds ($68 billion).

Glaxo in a statement Saturday said that it had received three unsolicited offers from Unilever for its consumer healthcare business, the final one on Dec. 20 for 41.7 billion pounds in cash and 8.3 billion pounds in Unilever shares.

“GSK rejected all three proposals made on the basis that they fundamentally undervalued the Consumer Healthcare business and its future prospects,” the statement said.

Unilever confirmed the approach in a statement on Saturday, saying the Glaxo unit would be a “strong strategic fit” as the owner of Ben & Jerry’s ice cream and Dove soap reshapes its portfolio.