Takeda strikes again, Shire board recommends $64bn offer

By Flora Southey

- Last updated on GMT

GettyImages/Tero Vesalainen
GettyImages/Tero Vesalainen
Having rejected four of Takeda’s bids, Shire says it is willing to recommend the Japanese firm’s latest acquisition offer to its shareholders.

Yesterday Shire announced​ receipt of a revised acquisition proposal from Takeda Pharmaceutical Company, equivalent to a value of approximately £46bn ($64bn).

Shire’s board says it is willing to recommend the offer to its shareholders and will extend the deadline until 5pm (GMT) on May 8, 2018.

Shire had previously rejected​ Takeda’s acquisition proposals, saying the offers "undervalue" its pipeline and potential for growth.

But Takeda’s offers have steadily increased over the past month and the latest bid is 4% above the prior cash offer, investment banking firm Jefferies published​ this morning.

The cash component of the current proposal is largely unchanged.

“If accepted, SHPG [Shire] shareholders will become ~50% owners in the NewCo. That said, are SHPG shareholders willing to accept an offer that is in effect 44% cash and 56% equity?”​ the analysts added.

Neither Takeda nor Shire responded to a request for comment before the time of publishing.



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