GSK rejects activist Elliott’s demands for board and consumer business

July 2 (Reuters) – GSK’s (GSK.L) board on Friday rejected Elliott’s demands that the British company change its board and sell its consumer healthcare arm after separating it from its pharma business, a day after strongly worded proposals from the activist investor.

“The Board strongly believes Emma Walmsley is the right leader of New GSK and fully supports the actions being taken by her and the management team,” GSK said on Friday, referring to the core pharmaceuticals and vaccine business.

It added that support for GSK’s strategy and leadership was shown in talks with its largest shareholders.

In a letter to GSK’s board, Elliott on Thursday said GSK should review its leadership and consider a sale of its consumer healthcare business as it confirmed it had taken a significant stake in the group. read more

Elliott demanded that directors with more “biopharmaceuticals and scientific experience” be added to GSK’s board before the planned break-up of…

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