That reports the British newspaper The Times on the basis of insiders. That offer, which is worth about €60 billion, was rejected by the boards of GSK and that of pharmaceutical company Pfizer, which has a minority stake in GSK. They thought the offer was too low.
GSK plans to self-start the consumer segment this year and float it on the stock exchange. Analysts now estimate the asset’s value at around £48 billion, but GSK is holding an investor day in March and the information that comes out may allow the valuation to be adjusted.
According to the insiders, Unilever’s offer would not have included a premium on top of the value, which is usual. In addition, the cost benefits that the Unilever acquisition would bring were not taken into account. The advantages are usually also expressed in a higher price.
It is unclear whether there are still talks after the rejection and whether Unilever wants to make a higher offer. It is also not clear how Unilever wanted to pay for the acquisition. A large part would probably be paid in Unilever shares. How the current shareholders would react to this remains to be seen.
Unilever bought GSK’s health drinks in Asia in December 2018. The acquisition was fully completed at the beginning of this month.
‘Unilever made an offer for maker Aquafresh and Advil’ | Financial
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