UNILEVER has ruled out raising its £50bn bid for GLAXOSMITHKLINE's consumer health arm after an investor backlash which saw the firm's share price plummet.

Bosses at the FTSE-100 firm have been battling an investor exodus this week after reports emerged of three cash-and-share bids for GSK's consumer business last year, first reported by The Sunday Times.

GSK confirmed it had rebuffed a £50bn bid in December and Unilever said yesterday it will not look to raise the offer.

It said: "We note the recently shared financial assumptions from the current owners of GSK Consumer Healthcare and have determined that it does not change our view on fundamental value. Accordingly, we will not increase our offer above £50bn."

The backdown on a renewed bid for GSK's consumer portfolio follows a week of intense criticism for Unilever which saw its share price fall as much as 10 per cent.

Meanwhile, GSK's chief scientist Hal Barron left the firm to join Jeff Bezos-backed biotech start-up Altos.

(c) 2022 City A.M., source Newspaper