AbbVie board withdraws bid to acquire Shire
Following takeover target Shire’s (LSE: SHP) waiver of the three-day notice period, AbbVie (NYSE: ABBV) said this morning that its board of directors has withdrawn its recommendation made on July 18, to acquire the Ireland-based drugmaker and recommends that stockholders vote against the transaction,
This news comes hot on the heels of AbbVie’s announcement yesterday that it planned a board meeting on Monday to reconsider its tax-inversion motivated $54.6 billion bid for Shire in the wake of US Treasury Department changes to tax regulations.
News decimates Shire’s share price
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