GlaxoSmithKline Extends Tender Offer for Genelabs Technologies, Inc.
LONDON, and PHILADELPHIA, Dec. 8 /PRNewswire-FirstCall/ -- GlaxoSmithKline
(LSE/NYSE: GSK) 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. (Nasdaq: GNLB), 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Genelabs common stock have been tendered and not withdrawn pursuant to the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validly tendered and not withdrawn that number of shares which, together with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.
Questions and requests for assistance may be directed to the Information
Agent for the offer, MacKenzie Partners, Inc., at (212) 929-5500 or (800) 322-
2885 (toll free).
GlaxoSmithKline -- 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.
Important information
This press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of Genelabs. The solicitation and the tender offer to
buy shares of Genelabs is only being made pursuant to the Offer to Purchase
and related materials that GSK, SmithKline Beecham Corporation and Gemstone
Acquisition Corporation filed with the Securities and Exchange Commission
(SEC) on November 12, 2008 and as subsequently amended. Investors and
security holders should read these materials carefully because they contain
important information, including the terms and conditions of the tender offer.
Investors and security holders may obtain free copies of the materials filed
with the SEC by GSK and Genelabs relating to the tender offer through the web
site maintained by the SEC at www.sec.gov. In addition, investors and
security holders may obtain free copies of these materials by contacting the
Information Agent for the offer, MacKenzie Partners, Inc., at (212) 929-5500
or (800) 322-2885 (toll free) or the Investor Relations departments of GSK or
Genelabs.
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