Perhaps two of the most difficult lessons in Finance are knowing when to cash in your chips and when it´s simply best to walk away. On Wednesday GlaxoSmithKline (GSK) announced its offer to raise its stake in GSK Pharmaceutical, its India drug manufacturing unit, from 50 per cent to 75 per cent. That is in line with its stated strategy of increasing its ownership in subsidiaries in key emerging markets. Valuing the stake at 1bn dollars that offer amounts to a 26% premium. GSK shareholders stand to gain a greater slice of GSK Pharma´s 33% pre-tax profit margins, albeit while paying an implied exit multiple of 22 times´ 2012 pre-tax earnings. Investors in GSK Pharma ought to accept the offer, as no rival bid is likely. Unfortunately, a long delay between announcement and execution could see GSK Pharma shares move above the offer price. Should that happen then GSK should be ready to walk if its Indian buyout gets too expensive, the Financial Times´ Lex column writes. RPC Group surprised markets a little bit with its announcement that it intends to purchase US-based outfit Maynard & Harris (M&H) for £103.5m. Some had expected the maker of rigid packaging to target growth markets such as China, India or Latin America, where its customers are already active - and thus supporting them. Capital markets seem to have given the deal a 'thumbs up', with the company´s shares rising by almost 4% on the back of the announcement. No surprise perhaps given that RPC will be paying about 6.5 times´ earnings - less than the valuation which RPC now enjoys - for a company which had about £80m in sales a year and which has been managing to grow these at an 11% annual clip over the last four years. RPC stands to gain from any recovery in the Eurozone and its latest halfway figures made for an encouraging read. However, the shares "sell on almost 15 times´ earnings, which suggests further progress could be limited for now," The Times´ Tempus says. Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB