GSK extends tender offer for Genelabs Technology stock

PHILADELPHIA GlaxoSmithKline has extended a tender offer to purchase all outstanding shares of common stock of Redwood City, Calif.-based Genelabs Technologies, the British drug maker announced Monday.

GSK plans to purchase the stock for $1.30 in cash per share without interest, minus any required withholding taxes. The offer will expire at midnight Dec. 12, unless it is further extended.

As of 5 p.m. Thursday, about 3.46 million shares of Genelabs common stock had been tendered and not withdrawn pursuant to the tender offer, representing about 7.8 percent of the outstanding shares of Genelabs common stock on a fully diluted basis.