GlaxoSmithKline buys US group CNS for 566 million dollars

0 Comments | AFP, October, 2006

LONDON (AFP) — Pharmaceutical group GlaxoSmithKline (GSK) announced a deal to buy US consumer healthcare group CNS for 566 million dollars (449 million euros). The transaction, which is subject to regulatory approvals, is expected to close by early 2007, GSK said in a statement to the London Stock Exchange.

"GlaxoSmithKline and CNS today announced execution of a definitive agreement for GSK to acquire CNS, the manufacturer of Breathe Right nasal strips and FiberChoice dietary fiber supplements for 37.50 dollars per share in cash, valuing the transaction at approximately 566 million dollars," the statement said. "The merger consideration represents a premium of 31 percent over the trading price of CNS's common stock at close of business on 6 October," it added. In a separate...