Shire Mulls Takeda's 5th Takeover Bid As Deadline Nears

Shire Mulls Takeda's 5th Takeover Bid As Deadline Nears

Shire PLC, the second-largest biotech employer in MA, said Tuesday that it had received yet another buyout proposal from Takeda Pharmaceutical as a deadline for making a firm offer looms. Since then, Takeda has made five offers, the latest on Tuesday. Shire added that the deadline could be extended further, if needed.

The Japanese pharma company has increased the cash component of the bid from £17.75 per share and around £16 billion, to £21 per share in cash - about £19 billion.

Takeda added in its own statement that it meant to maintain its dividend policy and investment-grade credit rating following the deal.

Shire, which has itself grown quickly from its origins above a shop in Basingstoke thanks to a series of takeovers, focuses on drugs for rare diseases and attention deficit hyperactivity disorder.

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The deal would represent Takeda's biggest-ever takeover, according to Japanese media. Shire did not release the terms of the bid, the fifth from Takeda since it expressed interest in buying Shire on March 28. That valued Dublin-based Shire at 44.3 billion pounds.

Takeda presented Shire with a new offer worth about £47 per share, after its third attempt - worth £46.50 per share - was rejected on 19 April, when Shire said the bid undervalued its growth prospects.

Allergan Plc AGN.N , the USA maker of Botox, had been considering a rival bid for Shire but ruled itself out of making an offer last week.

Takeda is pushing for the deal despite the hefty price tag because it needs to get lucrative new therapies to make up for the few late-stage experimental drugs in its own pipeline.

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