Navigation Links
GlaxoSmithKline Reduces Minimum Tender Condition and Extends Tender Offer To Acquire Genelabs Technologies, Inc.
Date:12/30/2008

LONDON, Dec. 30 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (LSE/NYSE: GSK) announced today that it has reduced the minimum tender condition and extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB), for $1.30 in cash per share without interest and less any required withholding taxes.

The minimum tender condition was reduced to the number of Genelabs' shares that when added to the maximum number of Genelabs' shares issuable in the "top-up" option equals one share more than 90 percent of the outstanding Genelabs shares on a fully diluted basis. Based on information provided by Genelabs, GSK estimates the minimum tender condition to be 74.8 percent of the outstanding Genelabs shares on a fully diluted basis.

Genelabs granted Gemstone Acquisition Corporation, a wholly-owned subsidiary of GSK, the "top-up" option pursuant to the previously announced Agreement and Plan of Merger, dated October 29, 2008. Following the payment for shares tendered in the offer and, if necessary, the exercise of the "top-up" option, and subject to customary closing conditions, GSK expects promptly to cause the completion of a short-form merger of Gemstone with and into Genelabs. In light of the reduction of the minimum tender condition, Gemstone has extended the tender offer until 12:00 midnight, New York City time, on Tuesday, January 6, 2009, unless the tender offer is further extended. The tender offer was scheduled to expire at 5:00 p.m., New York City time, on Monday, December 29, 2008.

The depositary for the tender offer has advised GSK that as of 5:00 p.m., New York City time, on Monday, December 29, 2008, approximately 36,425,725 shares of Genelabs common stock had been validly tendered and not withdrawn pursuant to the tender offer. These shares, together with the shares beneficially owned by GSK and its wholly-owned subsidiaries, represent approximately 82.2 percent of the outstanding Genelabs shares on a fully diluted basis.

All other terms and conditions of the tender offer remain the same. The terms and conditions of the tender offer are set forth in the Offer to Purchase, dated November 12, 2008, and as subsequently amended.

Questions and requests for assistance may be directed to the Information Agent for the tender offer, MacKenzie Partners, Inc., at (212) 929-5500 or (800) 322-2885 (toll free).

GlaxoSmithKline plc -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For company information including a copy of this announcement and details of the company's updated product development pipeline, visit GSK at www.gsk.com.

Important information

This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of Genelabs. The solicitation and the tender offer to buy shares of Genelabs is only being made pursuant to the Offer to Purchase and related materials that GSK, SmithKline Beecham Corporation and Gemstone Acquisition Corporation filed with the Securities and Exchange Commission (SEC) on November 12, 2008 and as subsequently amended. Investors and security holders should read these materials carefully because they contain important information, including the terms and conditions of the tender offer. Investors and security holders may obtain free copies of the materials filed with the SEC by GSK and Genelabs relating to the tender offer through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders may obtain free copies of these materials by contacting the Information Agent for the tender offer, MacKenzie Partners, Inc., at (212) 929-5500 or (800) 322-2885 (toll free) or the Investor Relations departments of GSK or Genelabs.


'/>"/>
SOURCE GlaxoSmithKline plc
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. GlaxoSmithKline Recognizes University of Michigans Dr. Daniel F. Hayes as the First Recipient of the Gianni Bonadonna Breast Cancer Award
2. AUDIO from Medialink and GlaxoSmithKline: Fiber Key in Managing Irritable Bowel Syndrome (IBS) Symptoms
3. Exelixis Submits XL880 Diligence Report to GlaxoSmithKline
4. GlaxoSmithKline Awarded U.S. Department of Defense Contract to Pursue Novel Antibacterial Research Program
5. GlaxoSmithKline and Anacor Pharmaceuticals Form Alliance to Develop Systemic Antivirals and Antibiotics Based on Boron Chemistry
6. BioWa Announces Licensing of BioWas POTELLIGENT(R) Technology by GlaxoSmithkline for Use in Antibody Research and Development
7. GlaxoSmithKline Consumer Healthcare Recommends Maintaining FDAS Current Two-Class Drug System
8. GlaxoSmithKline Responds to JAMA Article on the ICES Thiazolidinediones and Cardiovascular Outcomes in Older Patients with Diabetes
9. GlaxoSmithKline Announces Data on TYKERB(R) (Lapatinib) Plus Capecitabine for the Treatment of HER2 Positive Breast Cancer Brain Metastases
10. Vaccinex Antibody Licensed to GlaxoSmithKline
11. Ingenuity Systems Extends Enterprise-Level Software Agreement With GlaxoSmithKline
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... ... 2017 , ... Personal eye wash is a basic first aid supply for any work environment, ... eye do you rinse first if a dangerous substance enters both eyes? It’s one less ... with its unique dual eye piece. , “Whether its dirt and debris, or an acid ...
(Date:10/11/2017)... ... October 11, 2017 , ... Disappearing forests and increased emissions are ... 5.5 million people each year. Especially those living in larger cities are affected by ... in one of the most pollution-affected countries globally - decided to take action. , ...
(Date:10/10/2017)... ... October 10, 2017 , ... For ... has won a US2020 STEM Mentoring Award. Representatives of the FirstHand program travelled ... Volunteer Experience from US2020. , US2020’s mission is to change the trajectory of ...
(Date:10/10/2017)... PITTSBURGH, PA (PRWEB) , ... October 10, 2017 ... ... this year’s recipients of 13 prestigious awards honoring scientists who ... be presented in a scheduled symposium during Pittcon 2018, the world’s leading conference ...
Breaking Biology Technology:
(Date:4/5/2017)... 5, 2017 Today HYPR Corp. , ... server component of the HYPR platform is officially ... end-to-end security architecture that empowers biometric authentication across Fortune ... already secured over 15 million users across the financial ... connected home product suites and physical access represent a ...
(Date:3/30/2017)... The research team of The Hong Kong Polytechnic University (PolyU) ... ground breaking 3D fingerprint minutiae recovery and matching technology, pushing contactless ... use in identification, crime investigation, immigration control, security of access and ... ... A research team led by Dr Ajay Kumar ...
(Date:3/24/2017)... Controller General of Immigration from Maldives Mr. Mohamed Anwar and ... international IAIR Award for the most innovative high security ePassport and eGates  ... ... Maldives Immigration Controller General, Mr. Mohamed Anwar ... right) have received the IAIR award for the "Most innovative high security ...
Breaking Biology News(10 mins):