Published: Sat, April 21, 2018
Medicine | By Earnest Bishop

Takeda Raises Offer For Shire To GBP 47.00/shr

Takeda Raises Offer For Shire To GBP 47.00/shr

TOKYO/LONDON-Japan's Takeda Pharmaceutical nudged up its offer for Shire to 44.3 billion pounds ($62 billion) on Friday to try to persuade the rare-disease drugs specialist into talks after it rejected three previous proposals.

Looking to whip up some enthusiasm for its quest to buy out Shire, Takeda has sweetened its offer to £47 a share, adding £.5 with a bigger stack of cash to tempt investors with. The latest offer comprises £21 in cash and £26 of Takeda shares, compared to a previous £17.75 to £28.75 split.

Shire said in a statement that its board of directors "is considering its position with respect to the fourth proposal and will issue a further announcement in due course".

The news sent Shire's shares skyrocketing as much as 12% in London trading.

Allergan's shares fell sharply after the firm had earlier said it was considering making an offer for Shire.

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On Thursday, Shire confirmed it had received three conditional acquisition proposals from the Japanese firm Takeda - the most recent for approximately £44bn ($61bn).

Allergan shares trimmed their losses, closing down about 4%.

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's stock sank more than 3% early on Friday.

Takeda believes that the Improved Proposal represents a highly compelling opportunity for Shire shareholders, which reflects a further increase in value and a material increase in the cash component of the consideration mix.

Local media reports say Allergan apparently concluded that its shareholders would not back the acquisition.

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