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Shire received better proposal from AbbVie

Staff writer ▼ | July 14, 2014
Shire plc announces that, following discussions with AbbVie, it requested and has received a further revised proposal from AbbVie on July 13, 2014.
Shire
ShireShire plc announces that, following discussions with AbbVie, it requested and has received a further revised proposal from AbbVie on July 13, 2014.


The Revised Proposal comprises 24.44 pounds in cash and 0.8960 shares of new AbbVie per Shire share. Based on the AbbVie share price on 11 July 2014, AbbVie’s Revised Proposal has an indicative value of 53.20 pounds per Shire share. Under the Revised Proposal, Shire shareholders would own approximately 25 per cent of the combined new AbbVie.

The Board of Shire has indicated to AbbVie that it would be willing to recommend an offer at the level of the Revised Proposal to Shire shareholders subject to satisfactory resolution of the other terms of the offer. Accordingly, the Board is in detailed discussions with AbbVie in relation to these terms.

The Revised Proposal remains subject to the pre-conditions set by AbbVie on 8 July 2014 including due diligence and the recommendation of the Board of Shire.

There can be no certainty that any firm offer will be made.


 

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