Stock Market News
Shire mulling new offer from Takeda
(WebFG News) - Shire received a revised takeover proposal from Japan's Takeda Pharmaceutical on Tuesday, which the board said it was considering.
At the end of last week, Shire received an improved takeover offer from Takeda of £47 per share, comprised of £21 cash paid in dollars and £26 of new Takeda shares. This bid, which values Shire's shares at £44bn, came a day after the FTSE 100 group turned down a £46.50 bid made up of shares and a smaller proportion of cash.
On Tuesday Shire's board did not say what price the new proposal had been pitched at.
Earlier on Tuesday it had been reported by Bloomberg that talks between Takeda and Shire had been progressing to such an extent that a preliminary agreement could be announced on Tuesday. The Japanese group has until Wednesday afternoon to announce a firm offer or abandon the deal, under UK Takeover Panel rules, but the newswire's sources said an extension could be needed before a deal is agreed.
Takeda said on Friday that it intended to maintain its headquarters in Japan and primary listing on the Tokyo Stock Exchange and intends to put in place a NYSE listed ADR program on completion of any takeover to allow current Shire shareholders to continue to hold shares in the combined company.
The improved offer came a day after Dublin-headquartered US company Allergan said it was mulling a bid and then quickly decided, after an unimpressed shareholder reaction, that it wasn't.
Shire said on Friday that it was "considering its position" on the latest proposal from Takeda, which would see Shire shareholders own approximately 49% of the enlarged Takeda.
At the end of last week, Shire received an improved takeover offer from Takeda of £47 per share, comprised of £21 cash paid in dollars and £26 of new Takeda shares. This bid, which values Shire's shares at £44bn, came a day after the FTSE 100 group turned down a £46.50 bid made up of shares and a smaller proportion of cash.
On Tuesday Shire's board did not say what price the new proposal had been pitched at.
Earlier on Tuesday it had been reported by Bloomberg that talks between Takeda and Shire had been progressing to such an extent that a preliminary agreement could be announced on Tuesday. The Japanese group has until Wednesday afternoon to announce a firm offer or abandon the deal, under UK Takeover Panel rules, but the newswire's sources said an extension could be needed before a deal is agreed.
Takeda said on Friday that it intended to maintain its headquarters in Japan and primary listing on the Tokyo Stock Exchange and intends to put in place a NYSE listed ADR program on completion of any takeover to allow current Shire shareholders to continue to hold shares in the combined company.
The improved offer came a day after Dublin-headquartered US company Allergan said it was mulling a bid and then quickly decided, after an unimpressed shareholder reaction, that it wasn't.
Shire said on Friday that it was "considering its position" on the latest proposal from Takeda, which would see Shire shareholders own approximately 49% of the enlarged Takeda.
Related share prices |
---|
Shire Plc (SHP) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price