By Ian Walker

GlaxoSmithKline PLC on Friday advised holders of American Depositary Shares to reject a mini tender offer by TRC Capital Investment Corporation as the price offered falls short of their trading price.

Glaxo said it has been notified that TRC Capital has offered to buy up to 3 million ADS' for $37.10 each, in cash. It added that the price offered is a 4.5% discount to the closing price of $38.85 per ADS on May 21, the last trading day before the offer started. ADS' closed at $38.71 on Thursday.

"This mini-tender offer is at a price below the closing price for GSK's ADSs (as of the last trading day prior to the offer) and is subject to numerous conditions," Glaxo said Friday.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

June 04, 2021 11:35 ET (15:35 GMT)

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