Glaxo piles on the pressure

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The Independent Online
Glaxo piles on the pressure

Glaxo wrote to Wellcome shareholders yesterday reminding them of next Wednesday's first deadline for accepting its £9bn takeover bid, pitched at 1,033p per share.

The letter said that despite Wellcome's search for a better offer Glaxo's bid was still the only one on the table and pointed to the fact that Wellcome's share price still stood at a discount to the value of the bid. Wellcome responded with its own letter advising shareholders to take no action and gave its strongest hint yet that it may be close to finding a "white kni