HGS sets July 16 deadline for acquisition proposals
In connection with its ongoing strategic alternative review process, Human Genome Sciences (HGS) has set a bid date of July 16, 2012, for the submission of definitive proposals to acquire all outstanding common shares of HGS.
HGS also sent a letter to GlaxoSmithKline (GSK) once again inviting GSK to participate in the ongoing process according to the same procedures previously established and to provide, by no later than July 16, 2012, GSK's final bid terms, including a response to a draft agreement which will be provided to all interested bidders. The letter specifically noted that the HGS board of directors has previously rejected $13.00 per share as inadequate.
There can be no assurance that the timing of the process will not change or that the process being conducted will result in any transaction.