American pharma firm rejects £1.6bn Glaxo bid April 19, 2012 BRITISH pharmaceutical giant GlaxoSmithKline (GSK) has been knocked back by Human Genome Sciences, after tabling a $13 per share cash bid for the US-based biotechnology firm. The offer was worth around $2.6bn (£1.62bn) yet dismissed as “unsolicited” and inadequate by the target company’s board. “The offer does not reflect the value inherent in HGS,” it [...]
ADVISERS April 19, 2012 GlaxoSmithKline was advised by Lazard and Morgan Stanley on its failed bid for Human Genome Sciences. Morgan Stanley also advised on the successful sale of drug management company PPD to the Carlyle Group at the end of 2011. Legal counsel on the GSK bid was provided by Cleary Gottlieb Steen & Hamilton LLP and Watchtell, [...]
Scientific progress and emerging markets give us all hope April 19, 2012 I AM as guilty as anybody of excessive gloominess. To be fair, I have an excuse: the government is floundering; Abu Qatada is making a mockery of Britain; the UK economy is stagnant; unemployment is elevated; taxes are rising; the nanny state is gaining ground; the Eurozone faces years of misery and eventual collapse; China [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 19, 2012 FINANCIAL TIMES Qatari wealth fund adds Tiffany stake Qatar’s sovereign wealth fund has made its first big investment in a US public company by acquiring a 5.2 per cent stake in Tiffany, the jewellery retailer known for its diamond rings and blue, ribboned boxes. Cameron faces mutiny over Lords David Cameron is facing the biggest [...]
Microsoft beats expectations to push shares up April 19, 2012 MICROSOFT beat its profit forecast as PC sales held up better than expected, it revealed last night, lifting its shares 2.5 per cent in after hours trading. The results buoyed optimism around the world’s largest software maker, which is lining up a new tablet-friendly version of Windows for later this year and is looking to [...]
CWW bid deadline put off again April 19, 2012 Vodafone yesterday had its deadline to bid for Cable & Wireless Worldwide extended for the third time and now has until noon on Monday to declare an offer or walk away. Shares in CWW fell by eight per cent to 34p yesterday – after an initial 25 per cent plunge in morning trading – following Tata [...]
Fuel tanker firms extend talks April 19, 2012 Fuel tanker firms have granted Unite the union an extension to its strike mandate in a bid to come to a deal over drivers’ working conditions. Unite, whose mandate to call a strike was due to expire today, will return to mediator Acas on Monday to resume negotiations. The extension comes as Unite said it [...]
Egan-Jones faces SEC probe April 19, 2012 Ratings firm Egan-Jones said yesterday that US securities regulators have chosen to bring an enforcement case against the company relating to a 2008 regulatory application. Alan Futerfas, a lawyer representing Egan-Jones, said that the firm would vigorously defend itself against the Securities and Exchange Commission’s claims. The SEC’s case is linked to issues in the [...]
Clashes escalate as Bahrain race looms April 19, 2012 FEARS were growing last night that Sunday’s Bahrain Grand Prix will be overshadowed by violent clashes after Formula One teams became directly embroiled in the political unrest for the first time. Two members of the Force India team asked to leave the troubled Gulf state yesterday after a car transporting staff from the racetrack was [...]
Tigers win will give Quins semi lift, says Easter April 19, 2012 HARLEQUINS No8 Nick Easter has urged the Aviva Premiership leaders to lay down a marker when in-form Leicester visit the Twickenham Stoop for tomorrow’s summit clash. Leicester, aided by the resurgent Toby Flood, look a sure bet to join already-qualified Quins in the semi-finals, following last week’s 35-21 win at Northampton, in which the fly-half [...]
