Shire rejects third Takeda bid, as Allergan drops out
Shire plc (LSE:SHP; NASDAQ:SHPG) said Thursday its board has unanimously rejected three separate takeout offers from Takeda Pharmaceutical Co. Ltd. (Tokyo:4502), culminating at the most recent bid valued at £44 billion ($62.7 billion) in which Shire would own 51% of the enlarged Takeda. Allergan plc (NYSE:AGN) signaled Thursday morning that it was considering a possible offer for Shire, sending Shire's stock as high as $177.51 on NASDAQ, only to renege hours later when it confirmed it will not bid. Shire closed down $1.80 to $160.74.
Takeda's third offer comprised £28.75 per share in new Takeda shares to be listed in Japan, plus £17.75 per share in cash. Shire said the offer continues to undervalue the company, its growth prospects and pipeline. Takeda's £46.50 per share valuation is below where Shire was trading at less than a year ago...