GSK Consumer Healthcare has rejected a bid from Unilever to acquire its consumer health joint venture with Pfizer for a total acquisition value of £50bn comprising £41.7bn in cash and £8.3bn in Unilever shares.
Pfizer owns 32% of the joint venture while GSK owns remaining 68%.
Pfizer owns 32% of the joint venture while GSK owns remaining 68%.
https://twitter.com/MaanoMadima/status/1463425824531509252
GSK had received 3 unsolicited, conditional and non-binding proposals from Unilever plc to acquire the GSK Consumer Healthcare business.
GSK rejected all 3 proposals made on the basis that they fundamentally undervalued the Consumer Healthcare business and its future prospects.
GSK rejected all 3 proposals made on the basis that they fundamentally undervalued the Consumer Healthcare business and its future prospects.
What is a competitive offer for the GSK/Pfizer?
It would be based on a multiple to earnings before interest, tax, depreciation and amortisation (EBITDA) in the high teens, potential synergies of 14 to 15 per cent and a premium of at least 25%,
It would be based on a multiple to earnings before interest, tax, depreciation and amortisation (EBITDA) in the high teens, potential synergies of 14 to 15 per cent and a premium of at least 25%,
GSK Consumer Healthcareconsumer unit’s ebitda is forecast to be £2.7bn in 2022, so the base valuation would be about £48.6bn to £51.3bn.
Synergies on revenue of £9.6bn would add £1.3bn to £1.4bn.
Premium would be a minimum of £12bn, making a total acquisition price of £61.5bn
Synergies on revenue of £9.6bn would add £1.3bn to £1.4bn.
Premium would be a minimum of £12bn, making a total acquisition price of £61.5bn
Considering how the the type of brands GSK owns such as Aquafresh, Sensodyne, Voltaren and Panadol and Pfizer’s Advil, Centrum and Caltrate. is a “strong strategic fit” for Unilever, expect an improved offer from Unilever
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