After three rejected bids, London-based Unilever is throwing in the towel, stating that it will not raise its $68 billion offer to purchase GSK Consumer Healthcare, the joint venture between GlaxoSmithKline and Pfizer, The Wall Street Journal reported Jan. 19.
The announcement came after GSK said on Jan. 15 that Unilever's bid was unsolicited and undervalued the consumer healthcare business.
Unilever said it understood GSK's value, but remained committed to its bid, as the company is "committed to maintaining strict financial discipline to ensure that acquisitions create value for our shareholders," according to the article.
In a response to The Wall Street Journal, Unilever said it remains committed to building a future in the consumer healthcare business.