Shire buying Movetis for $558 million to expand specialist gastrointestinal portfolio
Dublin, Ireland-based specialty biopharmaceutical company Shire revealed yesterday that it will launch a voluntary public takeover offer for all the shares in Movetis NV, a Belgium-based European specialty gastrointestinal firm, in a deal valuing the latter at some 428 million euros ($557.6 million). The news saw the firm's share price edge 1.3% to £14.73 by close of trading, while Movetis' shares were suspended just before the announcement, but later moved 9.2% higher to 11.90 euros.
Movetis' board unanimously supports the transaction and will recommend acceptance of the offer to its shareholders. Institutional shareholders holding 38.9% of the firm's issued share capital have unconditionally agreed to accept the offer in respect of their own shares.
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