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25 April 2018, 02:15 | Vera Richards
Shire shares rise as it unilaterally announces Takeda's sweetened deal
- Satisfactory completion of a confirmatory due diligence review by Takeda.
The development, first reported by Reuters earlier on Tuesday, represents a major breakthrough for the companies in their negotiations, following a pursuit that started on March 28 when Takeda said it was considering a bid for Shire.
Last Friday, Takeda had lifted its cash and stock bid to the equivalent of £47 per share.
Shire shares surged as much as 6.2 percent in London, valuing the company at about $52 billion.
Shire and Takeda plan to announce a preliminary deal.
Based on the latest 2017Q4 regulatory filing with the SEC, James Dinan reduced its stake in Shire Plc (SHPG) by 10.32%.
The fifth offer is worth 49.01 pounds per share, comprised of 27.26 pounds per share in new Takeda shares and 21.75 pounds per share in cash. That's a 60 percent premium to Shire's closing price on March 27, before Takeda disclosed its interest in the US drugmaker. Royal Bank of Canada set a $192.00 target price on Shire and gave the stock a "buy" rating in a report on Monday, February 5th.
It would significantly boost Takeda's position in gastrointestinal disorders, neuroscience, and rare diseases, including a blockbuster hemophilia franchise.
Takeda has been expanding its takeover ambitions under Chief Executive Officer Christophe Weber, seeking growth overseas amid patent expirations and a shrinking domestic population. This is also the first time that Shire's board suggested a willingness to recommend any of the recent proposals. Shore Capital reiterated a buy rating and issued a GBX 3,607 ($50.31) price objective on shares of Shire in a report on Monday, April 16th.
Moody's said the deal would pile up debt and hit Takeda's credit ratings.
We've seen big pharmaceutical deals over the past few years, Pfizer and Wyeth in 2009, Glaxo and SmithKline on 2000, Bayer and Monsanto, in 2016, but this morning's announcement that Shire has formally agreed to consider a preliminary approach from Takeda is up there with the largest deals, only dwarfed by an all USA deal in 1999 between Pfizer and Warner Lambert. Talks may still be delayed or fall apart, they said.
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