GlaxoSmithKline has announced today that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. for $1.30 in cash per share without interest and less any required withholding taxes, until 12:00 midnight EST on Friday, December 12, 2008, unless the tender offer is further extended.
The tender offer was originally scheduled to expire at 12:00 midnight EST on Wednesday, December 10, 2008.
GSK has extended the tender offer in connection with the addition of SmithKline Beecham Corporation, a wholly-owned subsidiary of GSK, as a bidder, as defined in the Securities Exchange Act of 1934, as amended, with respect to the tender offer.
As of 5 p.m., EST, on December 5, 2008, approximately 3,466,063 shares of Genelabs common stock have been tendered and not withdrawn pursuant to the tender offer, representing approximately 7.8% of the outstanding shares of Genelabs common stock on a fully diluted basis.
The tender offer was commenced on November 12, 2008 pursuant to a previously announced Agreement and Plan of Merger dated October 29, 2008 among Genelabs, Gemstone Acquisition Corporation and SmithKline Beecham Corporation.
All other terms and conditions of the tender offer remain the same, including the condition that, at the expiration of the offer, there have been validly tendered and not withdrawn that number of shares which, together with the number of shares, if any, then beneficially owned by GSK and its wholly-owned subsidiaries, constitutes at least 90 percent of the total number of the then outstanding Genelabs shares on a fully diluted basis. The terms and conditions of the tender offer are set forth in the Offer to Purchase dated November 12, 2008, and as subsequently amended.