GSK readies rival board slate in bid to complete HGS takeover

Keeping the heat on Human Genome Sciences, GlaxoSmithKline insiders are telling Reuters that the pharma giant has rounded up all 12 candidates needed to make a clean sweep of the board. 

Right now, the immediate attention is on HGS' ($HGSI) July 16 deadline for buyout offers. GSK ($GSK) is the only bidder which has made its interest known so far, though HGS spurned its $2.6 billion offer. GSK extended its offer for the company until July 20th, hoping that the absence of a higher bid by the 16th would leave its offer as the only one on the table.

Lining up candidates for the board might just make it harder for a white knight to come along, notes Reuters. It's already a tall order, as GSK has locked up a considerable set of Human Genome's assets. And GSK is talking to market insiders, making its case that it will pursue HGS all the way to a final deal.

- here's the story from Reuters


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