(Bloomberg) -- Unilever Plc said it wouldn’t bid higher than the 50 billion pound ($68.2 billion) offer it tabled for GlaxoSmithKline Plc’s consumer products division late last year. Glaxo rejected that offer and an earlier two offers in December. 

The news comes after a sharp decline in Unilever’s share price as investors questioned the rationale for the deal. 

The outcome is a serious blow to Chief Executive Officer Alan Jope and Unilever’s board, which earlier this week announced a revamp of its business. The maker of Dove soap wants to refocus around its health, beauty and hygiene operations, suggesting divestitures may involve its food operations, which include the Ben & Jerry’s and Magnum ice cream brands.

Unilever also said at the time that Glaxo unit would be a “strong strategic fit” but that it would explore other takeover opportunities in the consumer health space. The company also said it would maintain “financial discipline” and would not overpay. 

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