GSK encourages ADS holders to reject TRC Capital "mini-tender" offer

(Alliance News) - GlaxoSmithKline PLC on Friday noted a "mini-tender" offer by TRC Capital ...

Alliance News 4 June, 2021 | 3:53PM
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(Alliance News) - GlaxoSmithKline PLC on Friday noted a "mini-tender" offer by TRC Capital Investment Corp and recommended its shareholders reject it.

Investment firm TRC Capital intends to purchase up to 3.0 million American depositary shares at a price of USD37.10 each in cash. As described by TRC Capital, its offer is being made at a 4.5% discount to the closing price of USD38.85 per share on May 21, the last trading day before the offer commenced.

The pharmaceutical company said it "does not endorse" TRC Capital's offer and recommends that ADS holders reject the offer.

GlaxoSmithKline shares were trading 0.7% higher in London on Friday at 1,353.20 pence each. Its ADS were up 0.5% in New York at USD38.91 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GlaxoSmithKline PLC 1,636.00 GBX -0.91

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