AbbVie ups Shire bid

AbbVie Inc. (NYSE:ABBV) increased by about 11% its bid to acquire Shire plc (LSE:SHP; NASDAQ:SHPG). The new bid values Shire at roughly L30.6 billion ($52.5 billion) in cash and stock. Last month, Shire rejected an AbbVie bid that valued Shire at about L27.7 billion ($47.2 billion). The latest offer comprises L22.44 in cash and 0.8568 AbbVie shares per Shire share, up from L20.44 in cash and 0.7988 AbbVie shares previously. Shire said that its board will consider the proposal and advised shareholders to take no action (see BioCentury Extra, June 20).

Under U.K. takeover rules, AbbVie's proposal will expire on July 18. Citi; Deutsche Bank; Evercore; Goldman Sachs; and Morgan Stanley are advising Shire. JPMorgan is advising AbbVie. ...