Wellcome staff attack trust's pledge to Glaxo
Thursday 02 February 1995
"Many Wellcome employees have given decades of their lives, skills, expertise and commitment to Wellcome, only to find themselves facing the prospect of redundancy."
The letter says that Sir Henry Wellcome, who founded the trust, had a strong commitment to the wellbeing of Wellcome employees.
MSF, which is also the largest union at Glaxo, asks the trust to consider the impact on staff of allowing either Glaxo's bid for Wellcome or an offer from any rival to go ahead.
Union sources said staff believed the higher bid from a white knight being sought by Wellcome would also trigger large-scale redundancies. This view is shared by many investment analysts.
The trust has committed its 39.5 per cent stake in Wellcome to Glaxo unless a higher offer emerges.
Meanwhile, Glaxo's financial adviser, Lazards, confirmed it had sent a "detailed questionnaire" to Wellcome's adviser, Barings, in the past few days asking for information on a wide range of financial and commercial issues.
Under the rules of the Takeover Panel, a defending company is normally only required to give "equality of information" to competing bidders if it makes a public announcement of the existence of an alternative potential bidder. An announcement has been absent in Wellcome's case despite its high-profile search for a preferred suitor.
A source close to Glaxo said: "It depends on how you define potential bidder. There are unusual circumstances in this bid because Wellcome has said it is making presentations to people who may be interested in making a bid."
In the continuing war of words, a Wellcome spokesman said it was aware of the Panel rules on disclosure of equal information, and that the questionnaire from Lazards showed the other camp increasingly believed a rival bid to Glaxo's £9bn-plus offer was possible.
Unconfirmed reports that Glaxo had approached Zeneca with a takeover offer shortly before launchings its bid for Wellcome "shows, if it is true, that Glaxo just want any deal to cover up the fact that it has gone ex-growth", the spokesman said.
Sandoz, the Swiss pharmaceuticals group, yesterday ruled itself out as a potential white knight for Wellcome.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
Of all the computers Apple has ever made there’s only one that Steve Jobs had to sell his car to finance
Marvel has released first teaser trailer week early after it leaked online
- 1 As an ex prostitute, I urge all the political parties to commit to the Sex Buyer Law
- 2 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 3 Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali: What is the festival of lights and how is it celebrated around the world?
Nelson Bunker Hunt dead: Former world’s richest man dies in 'modest circumstances' in US after losing his fortune
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...