Skip to content
Unilever won’t top $68bn bid for GSK’s consumer healthcare unit

 | News Today

Unilever won’t top $68bn bid for GSK’s consumer healthcare unit

| Latest News Headlines | Fox News


Unilever, the maker of Vaseline skincare products and Dove soap, says it won’t up a £50bn ($68.2bn) bid for the consumer healthcare unit from GlaxoSmithKline which was rejected last week

LONDON — Unilever, the maker of Vaseline skincare products and Dove soap, said it would not increase a 50 billion pound ($68.2 billion) bid for the care unit of consumer healthcare from GlaxoSmithKline which was rejected last week.

London-based GSK said on Saturday the offer “fundamentally undervalued” the unit. The offer, which included £41.7 billion in cash and Unilever shares valued at £8.3 billion, was the latest of three unsolicited approaches from Unilever, GSK said in a statement.

Unilever responded late Wednesday, saying it would not increase the supply.

“We note the financial assumptions recently shared by the current owners of GSK Consumer Healthcare and have determined that this does not change our view on fundamental value,” London-based Unilever said in a statement.

After rejecting Unilever’s bid, GSK said it remained focused on plans to spin off the consumer unit into a new independent company by the middle of this year. GSK Consumer Healthcare, which makes Sensodyne toothpaste, Advil painkillers and Centrum vitamins, was formed by merging GSK’s consumer businesses with those of Novartis and Pfizer, which still owns a stake in the unit.

GSK Consumer Healthcare accounts for less than 30% of the parent company’s total revenue, with the rest generated by pharmaceuticals and vaccines.

GSK shares rose 5% on Monday after news of the Unilever bid. The stock has fallen over the past two days, falling 2% to 1,666.4 pence on Wednesday in London.

Unilever won’t top $68bn bid for GSK’s consumer healthcare unit

| Business Top Stories Local news
ABC News

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.