DOVER, Del. – A federal judge in Delaware has refused to issue a restraining order delaying the acquisition of Human Genome Sciences Inc. by GlaxoSmithKline.
Two HGS shareholders had argued that the tender offer period should be extended beyond Friday's deadline because Glaxo's agreement last week to pay $14.25 a share represented a new deal compared to its unsolicited April offer of $13 per share.
The plaintiffs said they and other HGS shareholders should be allowed more time to consider the new offer and new disclosures filed with the Securities and Exchange Commission.
But the judge said Thursday that HGS shareholders should have no problem understanding why the directors of the Rockville, Md.-based company agreed to the $3.6 billion deal after rejecting GlaxoSmithKline's initial proposal and defending against its subsequent hostile tender offer.