British drugmaker GlaxoSmithKline has rejected a €60 billion takeover bid for its consumer goods division with brands such as Sensodyne and Otrivin as being too low.
GSK said on Saturday that Unilever’s bid was not in the best interests of shareholders. The prospects for partition were also underestimated.
GSK now wants to continue with its ‘Consumer Care’ cross-sectional scheme. It is planned to separate the subsidiary from the traditional pharmaceutical business with medicines and vaccines in the middle of the year. The department contains a wide range of health products such as Dr.
British consumer goods group Unilever – known for brands like Langnese, Knorr and Pfanni – announced on Saturday that the GSK subsidiary would fit nicely into its own portfolio. Whether they agree, is uncertain. It’s unclear if Unilever can increase the offer. According to GSK, the group offered £41.7 billion in cash and £8.3 billion of its stock, making the offer worth £50 billion.
The British newspaper “Sunday Times” was the first to report the plans.
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