Unilever said on Wednesday it would not bid higher than the £50bn offer it tabled for GlaxoSmithKline’s (GSK) consumer products division late in 2021.

GSK rejected that offer and two earlier offers last year. 

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 CEO 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 the GSK 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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