Takeda comes back with fifth offer for Shire
The pharmaceutical giant rebuffed the first three approaches from the Japanese company.
Japan’s Takeda has tabled another offer for Shire ahead of a deadline to reach a deal to buy the pharmaceutical giant.
Shire said on Tuesday it received a fifth proposal from Takeda after the firm tabled a £44 billion offer last week.
“The board announces that it has received a revised proposal from Takeda regarding a possible offer for the company on 24 April,” Shire said, adding it is considering its position.
Takeda, which has until Wednesday afternoon to make a firm offer or walk away, confirmed the latest tilt in a brief market announcement.
Shire, which rebuffed the first three Takeda approaches, saw its shares rise nearly 4% in afternoon trading.
Takeda’s fourth proposal was worth £47 per share, £21 of which is cash and £26 in new Takeda shares.
If a deal were to go ahead, Takeda would maintain its headquarters in Japan and primary listing on the Tokyo Stock Exchange.
It also intends to put in place a NYSE listed American Depositary Receipts programme at the point of completion to allow Shire shareholders to continue to hold stock in the combined company.
Botox maker Allergan confirmed last week it would not make a bid for the Shire, just a day after saying it was weighing up an offer.
Takeda’s rationale for acquiring Shire is to “accelerate its transformation and result in a global, value-based, R&D-driven biopharmaceutical leader”, to be headquartered in Japan.
In addition, a tie-up would help realise the Japanese company’s R&D strategy, drive financial value and allow it to exploit further opportunities in the US.