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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 +0.65% /zigman2/quotes/200381158/delayed UK:GSK +1.92% and Unilever /zigman2/quotes/204685760/composite UL -1.59% /zigman2/quotes/205449809/delayed UK:ULVR +1.51% 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
$ 43.56
+0.28 +0.65%
Volume: 7.86M
May 19, 2022 4:00p
P/E Ratio
15.80
Dividend Yield
4.59%
Market Cap
$111.19 billion
Rev. per Employee
$552,510
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/zigman2/quotes/200381158/delayed
UK : U.K.: London
£ 1,764.80
+33.20 +1.92%
Volume: 1.44M
May 20, 2022 10:34a
P/E Ratio
17.49
Dividend Yield
N/A
Market Cap
£89.58 billion
Rev. per Employee
£404,857
loading...
/zigman2/quotes/204685760/composite
US : U.S.: NYSE
$ 43.05
-0.69 -1.59%
Volume: 5.52M
May 19, 2022 4:00p
P/E Ratio
15.69
Dividend Yield
4.25%
Market Cap
$114.67 billion
Rev. per Employee
$418,837
loading...
/zigman2/quotes/205449809/delayed
UK : U.K.: London
3,503.50 p
+52.00 +1.51%
Volume: 1.09M
May 20, 2022 10:34a
P/E Ratio
17.58
Dividend Yield
4.13%
Market Cap
£92.38 billion
Rev. per Employee
£304,541
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