BRIEF—Unilever won't up bid for GSK consumer unit

The £50 billion ($68.4 billion) bid for GlaxoSmithKline’s Consumer Healthcare business by Unilever was not only rejected by GSK, which is said to be looking for more than £60 billion, but was also strongly criticized by Unilever investors, prompting the British consumer conglomerate to issue a brief statement after London markets closed yesterday.

“We note the recently shared financial assumptions from the current owners of GSK Consumer Healthcare and have determined that it does not change our view on fundamental value. Accordingly, we will not increase our offer above £50bn,” it stated.

US-listed shares of Unilever rose 10.1% on the news, while GSK's fell 2.8%.

A spokesperson for GSK responded that the firm, along with minority partner in the consumer unit, Pfizer, was strongly focused on maximizing shareholder value and very confident in the future of the business and its potential.