India: How Hindustan Unilever clinched GSK Consumer Healthcare deal

An unrivalled all-stock offer is what it took Hindustan Unilever Ltd to stave off several suitors for GlaxoSmithKline Consumer Healthcare Ltd, home to iconic brands such as Horlicks and Boost. HUL, India’s largest consumer goods company, was the only bidder to offer an all-stock option to GSK, said four people directly aware of the behind-the-scenes talks between GSK and potential buyers, which included at least one fast-moving consumer goods (FMCG) multinational, company, a host of private equity (PE) firms and one of India’s largest homegrown FMCG companies.