Takeda Pharmaceutical announces improved offer for Shire

Japanese pharmaceutical company Takeda today made an improved offer for Shire, after its £43bn takeover bid was rejected.

The company is now willing to pay £47 per share, of which £21 would be cash and £26 new Takeda shares.

This represents a seven per cent increase on the original proposal of £44 per share made at the end of March.

Takeda said the offer was a compelling opportunity for Shire shareholders.

Read more: Shire is offloading its oncology unit to France’s Servier for $2.4bn

“On completion of the proposed acquisition, Shire shareholders would hold a very meaningful stake in a leading global biopharmaceutical company and benefit from the material synergies expected to be derived from the acquisition,” the company said in a statement.

Shire said yesterday that it had rejected Takeda’s £43bn offer (along with two other bids from Takeda), but it confirmed the two were still in ongoing talks over whether a “further, more attractive” deal could be hammered out.

Yesterday it looked as if a bidding war could emerge for Shire after Botox maker Allergan announced its own interest in making an offer.

But it U-turned just hours later, following concern from investors.