Shire, Baxalta to merge

Shire plc (LSE:SHP; NASDAQ:SHPG) and Baxalta Inc. (NYSE:BXLT) said they would combine in a cash and stock deal in which Baxalta shareholders will receive $18 cash and 0.1482 Shire ADSs per Baxalta share. The companies said the offer values Baxalta at $45.57 per share, or about $32 billion, based on Shire's Friday ADS closing price.

The offer is a 37% premium over Baxalta's Aug. 3 share price of $33.15, before Shire disclosed an unsolicited bid for Baxalta, and a 14% premium over Baxalta's Friday close of $40.01. Baxalta rejected a $30 billion all-stock bid it received in July (see BioCentury, Aug. 10, 2015). ...