LONDON and PHILADELPHIA, Dec. 3 /PRNewswire-FirstCall/ -- GlaxoSmithKline (LSE/NYSE: GSK) announced today that it is waiving a condition relating to a pending lawsuit in the previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB), for $1.30 per share in cash without interest and less any required withholding taxes.
It is a condition to the completion of the tender offer that there not be any pending or threatened claim by or before any governmental entity challenging the making or consummation of the offer or contemplated merger or seeking to enjoin the offer or merger. GSK has waived this condition solely to the extent that it would not be satisfied as a result of the fact that the putative shareholder class action lawsuit, Lanre Rotimi Rollover IRA v. Genelabs Technologies, Inc., et al. is pending in the United States District Court Northern District of California, San Francisco Division. As of December 3, 2008, there was no injunction or order entered pursuant to this lawsuit, which GSK and Genelabs believe is entirely without merit. GSK has not waived any rights with respect to any other lawsuit or with respect to the entry of any injunction or order in this lawsuit.
The tender offer was commenced on November 12, 2008 and is scheduled to expire at 12:00 midnight EST on Wednesday, December 10, 2008, unless extended. The tender offer is being made pursuant to a previously announced Agreement and Plan of Merger dated October 29, 2008 among Genelabs, Gemstone Acquisition Corporation and SmithKline Beecham Corporation, a wholly-owned subsidiary of GSK.
All other terms and conditions of the tender offer remain the same,
Copyright©2008 PR Newswire.
All rights reserved