(Bloomberg) --

GlaxoSmithKline PLC rejected an unsolicited offer from Unilever PLC valuing its consumer goods business at about 50 billion pounds ($68.4 billion), the Times reported on Saturday, without saying how it obtained the information. 

Unilever made the offer for Glaxo’s household brands unit in late 2021 but Glaxo’s board and Pfizer Inc., which owns a minority stake in the business, rejected the offer as too low, the newspaper said. 

Glaxo hired former Tesco Plc chief executive Dave Lewis in December to lead a spin-off and listing of its consumer goods arm this year. The unit, which owns brands including Advil painkillers and Sensodyne toothpaste, will seek a London Stock Exchange listing. 

Glaxo previously had interest from Advent International, CVC Capital Partners and KKR & Co for the business, even as it had been preparing for the listing last fall. 

It remains unclear if Unilever will raise its offer or if talks between the companies are currently taking place, the newspaper reported. 

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