Anybody have info on capital return plan due us shareholders this fall.
I know it was reduced from 4 to 1 billion pounds months ago.
Unless I overlooked it, nothing about distribution is on their company website.
Today's article rehashes Berenberg Bank's speculation put out earlier this month. Also mentions that PFE can legally approach AstraZeneca again sometime this month and could make another run at them.
Text of the Telegraph article:
Could GlaxoSmithKline be Pfizer's Plan B?
GSK's market cap has fallen into the range where Pfizer could make an offer, according to analysts at Berenberg Bank
By Denise Roland
4:32PM BST 01 Aug 2014
GlaxoSmithKline's recent woes could make it vulnerable to a takeover approach by Pfizer, according to analysts at Berenberg Bank.
Pfizer failed to snap up AstraZeneca earlier this year when its fourth and final offer of nearly £70bn was sharply rebuffed by the Anglo-Swedish drugmaker.
The American giant could return to AstraZeneca when the obligatory six-month cooling-off period expires in November, but Berenberg analysts have raised the prospect of Pfizer turning to GSK as a "Plan B" instead.
A disappointing set of quarterly results and a profits warning last week wiped billions of pounds off GSK's market value, which now stands at around £68bn, less than Pfizer offered to pay for AstraZeneca.
At this share price level, the US company could probably "stretch" to paying the 45pc premium it offered to AstraZeneca with a cash and shares deal, said the analysts.
"Pfizer would need to bid $164bn (£97bn) and find $74bn in cash. This is perhaps a stretch, but not totally unrealistic," they said.
The US company could use a GSK takeover to move its tax base to the UK, in a process known as inversion, in the same way it would have done had the AstraZeneca deal gone through. This was one of the key reasons behind Pfizer's interest in AstraZeneca.
"A back-of-the-envelope calculation would give a highly accretive deal, particularly if Pfizer could get to GSK’s low 20s tax rate," said the analysts.
They noted that GSK has an existing collaboration with Pfizer in its HIV medicines unit ViiV and that together the companies would easily
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