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Jan. 16, 2022, 5:31 p.m. EST

GSK rejects Unilever’s $68 billion takeover bid for consumer healthcare unit

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By Associated Press

LONDON — The pharmaceutical giant GlaxoSmithKline said Saturday it has rejected an unsolicited 50 billion-pound ($68.4 billion) bid from Unilever for its consumer healthcare goods unit, a joint venture it controls in a partnership with Pfizer.

The London-based company said in a  statement posted to its website  that a series of three bids made by Unilever last year — the last on Dec. 20 — were all rejected “on the basis that they fundamentally undervalued” the unit and its future prospects.

Both GlaxoSmithKline /zigman2/quotes/209463850/composite GSK +0.51% /zigman2/quotes/200381158/delayed UK:GSK +1.13% and Unilever /zigman2/quotes/204685760/composite UL +1.00% /zigman2/quotes/205449809/delayed UK:ULVR +2.12% confirmed that an acquisition offer was made following a report in Britain’s Sunday Times. In a brief statement on its website,  Unilever said  “GSK Consumer Healthcare is a leader in the attractive consumer health space and would be a strong strategic fit as Unilever continues to re-shape its portfolio. There can be no certainty that any agreement will be reached.”

GSK has been planning to spin off the unit — known for products including the painkiller Advil, Sensodyne toothpaste and Tums — in mid-2022. After integrating the consumer health businesses of Novartis (2015) and Pfizer (2019), GSK said it attained annual sales of 9.6 billion pounds ($13.1 billion) in 2021.

Consumer goods conglomerate Unilever sells a wide assortment of consumer products from Hellmann’s mayonnaise to Lipton tea and Ben & Jerry’s ice cream. Its best-known personal care brands include Dove soap and Rexona deodorant.

/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 43.75
+0.22 +0.51%
Volume: 3.09M
July 1, 2022 4:00p
P/E Ratio
15.87
Dividend Yield
4.57%
Market Cap
$108.50 billion
Rev. per Employee
$552,510
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/zigman2/quotes/200381158/delayed
UK : U.K.: London
£ 1,785.60
+20.00 +1.13%
Volume: 6.00M
July 1, 2022 4:35p
P/E Ratio
17.69
Dividend Yield
N/A
Market Cap
£89.34 billion
Rev. per Employee
£404,857
loading...
/zigman2/quotes/204685760/composite
US : U.S.: NYSE
$ 46.29
+0.46 +1.00%
Volume: 3.51M
July 1, 2022 4:00p
P/E Ratio
16.88
Dividend Yield
3.95%
Market Cap
$114.92 billion
Rev. per Employee
$418,837
loading...
/zigman2/quotes/205449809/delayed
UK : U.K.: London
3,800.00 p
+79.00 +2.12%
Volume: 2.78M
July 1, 2022 4:35p
P/E Ratio
19.06
Dividend Yield
3.81%
Market Cap
£94.62 billion
Rev. per Employee
£304,541
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