GSK rejects £50bn Unilever offer for its consumer assets

A sign outside the headquarters of GlaxoSmithKline in London, England. Picture: CHRIS RATCLIFFE/BLOOMBERG

GSK said it had received three bids from Unilever, the latest on December 20 comprising £41.7bn in cash and £8.3bn in Unilever shares, which fail to reflect the intrinsic value of the business and its potential. The bid did not include any takeover premium or recognition of synergies, the newspaper said, adding that it is not clear whether the group will make a higher offer.

The FTSE-listed conglomerate’s stock has fallen 10% over the past year compared with Procter & Gamble’s 18% rise and Reckitt’s 1.4% decline, despite a pandemic-driven boost in shopping for groceries and household goods, which has benefited all three companies.

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