By Robb M. Stewart

Unilever PLC's U.S. stock rebounded Wednesday after the consumer-goods company said it won't increase its 50 billion pounds ($67.98) bid for GlaxoSmithKline PLC's majority-owned consumer healthcare division.

In midday trading, the American depositary receipts were 9.4% higher at $50.82.

The ADRs dropped 14% Tuesday, touching a 52-week low during the session, on the first day of trading after Unilever over the weekend said it had approached Glaxo and Pfizer Inc. about buying the business in an effort push further into health, beauty and hygiene products. The healthcare business is 68% owned by Glaxo, which said it rejected Unilever's approaches on the basis they undervalued the business, and 32% by Pfizer.

Unilever said it is committed to maintaining strict financial discipline to ensure acquisitions create value for its shareholders.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 19, 2022 12:47 ET (17:47 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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