Unilever has ruled out increasing its ￡50bn offer for GlaxoSmithKline’s consumer health business, in a climbdown that comes after an intensifying investor backlash.

The consumer goods group had made three separate bids to acquire the business, which makes Aquafresh and Sensodyne toothpaste and Nurofen painkillers, and on Monday suggested it would continue the takeover attempt, calling it a “strong strategic fit”.

GSK had pushed for a higher price, releasing improved data on performance designed to extract a ￡60bn bid. But on Wednesday Unilever said: “We note the recently shared financial assumptions from the current owners of GSK Consumer Healthcare and have determined that it does not change our view on fundamental value. Accordingly, we will not increase our offer above ￡50bn.”