20th Apr 2018 17:34
LONDON (Alliance News) - Shire PLC confirmed Friday that it has received Takeda Pharmaceutical Company Ltd's fourth offer.
Shire has said that it is "considering" its position and will issue a further announcement in due course.
Takeda Pharmaceutical Company Ltd said Friday that it is improving its offer for Shire PLC after its first three offers were rejected.
This latest proposal is for GBP47.00 per share, comprising GBP21.00 in cash and GBP26.00 of new Takeda shares.
This offer is about a 7.0% increase of the original GBP44.00 proposal made at the end of March. It is an increase of GBP3.25, and about 18% in cash per share, of the previous proposal of GBP17.75 in cash per share made April 12.
It is a premium of about 58% of Shire's closing price of GBP29.81 on March 23 - which was the last date before rumours of Takeda's possible interest increased the share price.
Takeda said it believes this improved offer represents a "highly compelling opportunity" for Shire shareholders. 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."
Allergan PLC on Friday confirmed that it "does not intend to make an offer" for fellow Dublin-based drug maker, backing off its announcement on Thursday that it was considering one.
The botox-maker said it "reserves the right" to buy or offer to acquire Shire shares if another third-party announces a firm intention to make an offer.
Shares in Shire closed down 3.9% at 3,821.50 pence each Friday.
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