Unilever Moves to Buy GlaxoSmithKline, Offer Rejected
Unilever, a consumer goods giant, has made a bid for pharmaceutical group GlaxoSmithKline’s (GSK) consumer goods business worth roughly 50 billion pounds ($68.4 billion), Britain’s Sunday Times reported.
It was noted that GSK and Pfizer, which owns a minority stake in the division, were understood to have rejected the offer on the basis that it was too low, the newspaper said.
The fact that GlaxoSmithKline rejected the unsolicited offer from Unilever valuing its consumer goods business at about 50 billion pounds could mean a fresh offer could be made.
It appears the companies are on the table to discuss the deal as Unilever made the offer for Glaxo’s household brands unit in late 2021 but Glaxo’s board and Pfizer Inc., which owns a minority stake in the business, rejected the offer as too low, the newspaper said.
Glaxo hired former Tesco Plc chief executive Dave Lewis in December to lead a spin-off and listing of its consumer goods arm this year. The unit, which owns brands including Advil painkillers and Sensodyne toothpaste, will seek a London Stock Exchange listing.
For now, it remains unclear if Unilever will raise its offer or if talks between the companies are currently taking place, the newspaper reported. # Unilever Moves to Buy GlaxoSmithKline, Offer Rejected
