Glaxo's Bid for Human Genome Turns Hostile: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include GlaxoSmithKline(GSK) as the company will go hostile with its $13-a-share cash tender offer for Human Genome Sciences(HGSI) , taking its bid straight to shareholders this week.
The decision comes after Human Genome's board rejected Glaxo's $2.6 billion bid last month, saying it did not reflect the inherent value of the company. Glaxo stands by its bid, which represents an 81% premium. Glaxo has not indicated when the tender would be launched this week. When it is, it will remain open for 20 business days.
The two companies sell Benlysta together and currently are working on two other experimental drugs, which Glaxo would receive full rights to if it purchases Human Genome.
Carlsberg is trending after the brewer reported declining first-quarter earnings due to lower beer sales in Russia.
Growth in the Russian market has been weighed down by a 200% tax increase on beer put in place in 2010. Carlsberg, which owns the biggest brewer in the country, said it expects the market to return to modest growth this year as consumers stocked up on beer ahead of another tax increase.
Operating profit, excluding some items, fell 43% from the year before to 574 million kroner ($100 million) and missing estimates.
Carlsberg owns brands including Carlsberg, Tuborg and Baltika. It is the world's fourth-largest brewer.
The Federal Aviation Administration is another popular search. A government agency said it received claims by federal employees indicating the FAA took up to two years to address safety concerns.
The U.S. Office of Special Counsel outlined seven instances of the FAA taking too long or not responding efficiently enough to internal claims of safety violations. Violations include air traffic controllers sleeping on duty, not directing aircraft precisely and others.
The agency urged the FAA to improve its oversight of air safety. The FAA has said it is working on the cases brought to its attention and is prepared to take "aggressive action where necessary."
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.