GlaxoSmithKline Successfully Completes Tender Offer for Shares of Genelabs Technologies, Inc.
LONDON, Jan. 7 /PRNewswire-FirstCall/ -- GlaxoSmithKline plc (LSE/NYSE:
GSK) announced today the successful completion of the tender offer by its
wholly-owned subsidiary Gemstone Acquisition Corporation for shares of
common stock of Genelabs Technologies, Inc. (Nasdaq: GNLB). The tender
offer expired at 12:00 midnight, New York City time, on Tuesday, January 6,
2009.
The depositary for the tender offer has advised GSK that shareholders
of Genelabs have tendered and not withdrawn a total of approximately
39,250,243 shares of Genelabs common stock. These shares, together with the
shares beneficially owned by GSK and its wholly-owned subsidiaries,
represent approximately 88.55 percent of the outstanding shares of Genelabs
on a fully diluted basis. Gemstone has accepted for payment all Genelabs
shares tendered in the offer.
GSK also announced that Gemstone exercised its "top-up" option in
accordance with the previously announced merger agreement with Genelabs.
The exercise of the top-up option allowed Gemstone to increase its share
ownership percentage of Genelabs through the purchase of newly-issued
shares of Genelabs common stock at the tender offer price. As a result,
Gemstone owns more than 90 percent of the outstanding shares of Genelabs
common stock and intends to effect a short-form merger as promptly as
practicable, without the need for a meeting of Genelabs shareholders. In
the merger, Gemstone will acquire all other Genelabs shares (other than
those as to which holders properly exercise dissenters' rights) at the same
$1.30 per share price, without interest and less any required withholding
taxes, that was paid in the tender offer. As a result of the merger,
Genelabs will become a wholly-owned subsidiary of GSK and Genelabs shares
will cease to be traded on The NASDAQ Capital Market.
About GlaxoSmithKline plc
GlaxoSmithKline plc -- one of the world's leading research-based
pharmaceutical and healthcare companies -- is committed to improving the
quality of human life by enabling people to do more, feel better and live
longer. For company information including a copy of this announcement and
details of the company's updated product development pipeline, visit GSK at
http://www.gsk.com.
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