Human Genome rejects GSK offer, adopts rights plan

Human Genome Sciences Inc. (NASDAQ:HGSI) said its board unanimously recommended shareholders reject the hostile tender offer from GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) to acquire the biotech for $13 per share. Human Genome also adopted a shareholder rights plan giving shareholders the right to purchase additional shares if a hostile group acquires 15% or more of Human Genome's shares. GSK's offer, valued at about $2.6 billion, is an 81% premium to Human Genome's close of $7.17 on April 18, before the unsolicited offer was disclosed. It is a 9% discount to Human Genome's close of $14.23 on Thursday. The stock was off $0.02. ...