Unilever/GSK Heathcare: Ballsy, but Doable

GSK (GSK.L/​​GSK.N) Fails to Impress, in Their Response to Elliot

GSK (GSK.L/​​​GSK.N): Revisiting Elliott’s Letter and What Remains Unanswered

GSK (GSK.L/​GSK.N) Elliot Goes Public with Campaign Demands

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

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Event-Driven

Another activist letter: Bluebell Capital Partners (Bluebell) published an open letter to GSK last week (22nd September 2021). In it, Bluebell effectively echoed the stance taken by Elliott, with a stronger view towards Dame Emma Walmsley and her potential role as the New GSK CEO. Whilst we see the merit in this, as we later discuss, the overall situation is not as clear cut. Why more may follow: GSK has been silent and failed to release information in a timely manner and as promised. The inertness by GSK is reflected in the share price performance since 23rd June 2021. Shareholders need to see tangible evidence that matters are being dealt with. We outline why we believe this is likely in the coming quarter, which should allow for the value discount to be further illuminated.Event-driven value play: We believe that once the market focuses on the sum of the parts of “New GSK” and “Consumer Healthcare” and understands who is to lead the next era of GSK, then the gap to our fair value target should begin to close.

Another activist letter: Bluebell Capital Partners (Bluebell) published an open letter to GSK last week (22nd September 2021). In it, Bluebell effectively echoed the stance taken by Elliott, with a stronger view towards Dame Emma Walmsley and her potential role as the New GSK CEO. Whilst we see the merit in this, as we later discuss, the overall situation is not as clear cut. Why more may follow: GSK has been silent and failed to release information in a timely manner and as promised. The inertness by GSK is reflected in the share price performance since 23rd June 2021. Shareholders need to see tangible evidence that matters are being dealt with. We outline why we believe this is likely in the coming quarter, which should allow for the value discount to be further illuminated.Event-driven value play: We believe that once the market focuses on the sum of the parts of “New GSK” and “Consumer Healthcare” and understands who is to lead the next era of GSK, then the gap to our fair value target should begin to close.

GSK (GSK.L/​​​​GSK.N):  Bluebell Capital Partners Aligns with Elliott

GlaxoSmithKline PLC

GSK (GSK.L/GSK.N): Bluebell Capital Partners Aligns with Elliott

GlaxoSmithKline PLC

GSK (GSK.L/​​​​GSK.N): Bluebell Capital Partners Aligns with Elliott

GSK (GSK.L/GSK.N): Bluebell Capital Partners Aligns with Elliott