Now, GSK says it wil make a hostile bid for the bio-tech company this week.
The takeover offer values HGS at $13 a share, roughly $2.6 billion, the Los Angeles Times reports. HGS has said that amount undervalues the company.
But GSK doesn’t plan to sweeten the offer. In a statement, the company said HGS has been given a “reasonable amount of time” to solicit other offers and that its shareholders should now decide whether the current offer is worthy.
Shares of HGS slipped slightly to around $14.50 in Wednesday trading, while GSK shares dipped 1% to around $45.60.