BRIEF—Shire/Takeda saga – offer number four

In the ongoing saga of Takeda’s pursuit of Ireland-headquartered rare diseases specialist Shire, which had already rejected three separate bids from the Japanese pharma major, a fourth one was revealed after London markets closed on Friday.

According to a Shire statement, which the company said was made without the consent of Takeda, the fourth proposal comprises £26 per share in new Takeda shares, to be listed in Japan and in the USA through an ADR listing, and £21 per share in cash, representing a potential value of £47 per share and approximately £44 billion ($61.62 billion) for the total issued and to be issued share capital of the company.

Based on Takeda's current market capitalization, Shire shareholders would own approximately 49% of the enlarged Takeda.

The board of Shire is considering its position with respect to the fourth proposal and will issue a further announcement in due course.

In its own statement, Takeda said it 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.

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, the Japanese firm stated.