Shire finally accepts AbbVie’s takeover offer
After a protracted and at times hostile courtship, Ireland-headquartered drugmaker Shire (LSE: SHP) has finally this morning confirmed it is accepting previously rejected takeover bids from the USA’s AbbVie (NYSE: ABBV) much on the lines of the fifth acquisition offer revealed earlier this week, worth around £32-billion ($54-billion), and will recommend it to shareholders.
Under the terms of the Merger, Shire shareholders will be entitled to receive: for each Shire share: £24.44 in cash and 0.8960 New AbbVie shares. The transaction, which is subject to usual conditions, including shareholder and regulatory approvals, is expected to close in the fourth quarter of this year.
The indicative value of £53.19 per Shire share values the entire issued and to be issued share capital of Shire on a fully diluted basis at approximately £32 billion and represents:
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