Shire turns down Takeda, Allergan toys with buy

JAPAN-US-COURT-DRUGS-COMPANY-TAKEDA

Takeda Pharmaceutical Company Ltd said Friday that it is improving its offer for Shire PLC after its first three offers were rejected. The latest offer comprises £21 in cash and £26 of Takeda shares, compared to a previous £17.75 to £28.75 split.

Shire said its board was considering the offer and "will issue a further announcement in due course". Its shares lost nearly 5 percent of their value on Friday as investors fretted over the Japanese firm making a record-breaking purchase of the London-listed company.

The Japanese pharmaceuticals company stalking the London-listed Shire has sweetened its takeover offer.

If Takeda formally makes a takeover bid of $60 billion or more, it would be the biggest so far this year, according to data from Dealogic.

But Shire's shares were trading at 38.42 pounds on Friday, well below the latest approach and down 3 percent on the day after another company, Allergan, decided not to pursue its own bid on Thursday, ending the prospect of a battle.

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Shire stock climbed 2.3% to close at 164.37 on the stock market today.

On Thursday, Allergan announced that it was considering a bid but then promptly put out another statement saying that there would be no offer.

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

Shire's board rejected the proposal, saying it significantly undervalues the firm and its potential growth. It continued: "On completion of the proposed acquisition, Shire shareholders would hold a very meaningful stake in a leading global biopharmaceutical company and benefit from the material synergies expected to be derived from the acquisition".

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