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SmithKline Beecham burdened with $15 bil. albatross after Glaxo talks end.

This article was originally published in The Tan Sheet

Executive Summary

SMITHKLINE FACING $15 BIL. DILEMMA FOLLOWING TERMINATION OF GLAXO Wellcome merger negotiations because of the company's success in stoking investor enthusiasm for another round of mergers. The January announcements that SmithKline Beecham was in merger discussions first with American Home Products and then with Glaxo helped fuel a $15 bil. jump in SB market valuation. Following the termination of both negotiations, SB management may face pressure from shareholders if it cannot recover that same valuation level.
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