Takeda in talks with Shire, Allergan drops pursuit
Takeda in talks with Shire, Allergan drops pursuit
Japan's Takeda nudges up Shire offer to £47 a share
21 April, 2018, 05:57
Takeda Pharmaceutical Co. of Japan made a fourth offer Friday to buy Shire PLC, raising its bid slightly to about $62 billion, according to Shire, the second-largest biotech employer in MA. The latest offer comprises £21 in cash and £26 of Takeda shares, compared to a previous £17.75 to £28.75 split.
Shire has said that it is "considering" its position and will issue a further announcement in due course.
Takeda said it hoped to engage with the board of Shire and agree to extend a deadline imposed by the British Takeover Panel of April 25.
Shire stock climbed 2.3% to close at 164.37 on the stock market today. If completed, the deal would be one of the biggest acquisitions of a foreign firm by a Japanese company.
Takeda noted that it will maintain its headquarters in Japan and primary listing on the Tokyo Stock Exchange and intends to put in place a NYSE listed ADR program at the point of completion to allow current Shire shareholders to continue to hold shares in the combined company.
The company's CEO and serial dealmaker Brent Saunders said recently that the group was looking into a range of business development options after buying back a large tranche of its shares a year ago, and in its latest statement said that process would continue.
A day earlier, Allergan disclosed that it was weighing up a tilt, hours after Japan's Takeda revealed that it had had its £44bn offer for Shire rejected.
But Allergan stock dropped 4.2% as investors digested the potential of a Shire merger.
Later Allergan said it ultimately choose not to bid at all. Shire has a wide pipeline working in hematology, immunology, oncology, neuroscience and rare diseases, among others.
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