04.20.18
Takeda Submits Improved Offer to Acquire Shire; Allergan Will Not Make a Bid
Source: Eyewire News
Takeda Pharmaceuticals on Friday announced an improved offer to acquire Shire for about $65.90 (47 pounds) per share, increasing the cash portion of the proposal to around 45 percent, which would sweeten the value of the acquisition to more than $60 billion.
The Japanese drugmaker said the revised bid, which is comprised of $29.45 (21 pounds) in cash and $36.46 (26 pounds) in stock, represents “a highly compelling opportunity” for Shire shareholders.
The new offer comes the day after Shire rejected Takeda’s third takeover bid valued at $65.18 per share, with 38 percent to be paid in cash. Shire, the maker of dry eye drug Xiidra, rebuffed the offer, as well as two previous proposals, determining that it significantly undervalues its growth prospects.
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