Shire Rebuffs AbbVie Approach, hails independant future..

In focus Shire Plc (SHP.L) today revealed a bid by US Group AbbVie for the company,┬ácomprising 2,044p in cash and 0.7988 AbbVie shares per Shire share, valuing it at 4,611p per share. ┬áThis represents a 23% premium to Shire’s share price of 3,738p on June 19th.

Shire has turned down the current approach, which they say “fundamentally undervalued Shire and its prospects as a leader in rare diseases and specialty markets” and also expressing concerns over the proposed structure of creating a US listed holding company within the uk tax domicile.

Shire said it has grown significantly and made increasing returns to shareholders over the last 12 months and also expects this growth to continue in the future, commenting on the deal proposal the company said it would “deny Shire shareholders the full benefits of Shire’s growth strategy”.

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