Hedgies bruised as £8bn slashed from Shire stock after AbbVie fall-out October 15, 2014 The fallout from US drug giant AbbVie’s decision late on Tuesday evening to reconsider its $54bn (£32bn) takeover of Shire yesterday wiped over £8bn off the value of the British firm, and causing hedge funds banking on a successful deal to lose millions. Shire’s stock, inflated on the expectation of a deal since June, [...]
Shire share price falls over AbbVie deal worries, dragging pharma shares and FTSE down October 15, 2014 Shire shares fell almost 30 per cent in early trading this morning after its potential buyer AbbVie said it was reconsidering the $54bn (£32bn) deal. AbbVie said it was rethinking the deal due to the US Treasury’s crackdown on the tax loophole that allows US firms to move headquarters to another country via a takeover [...]
AbbVie reconsiders Shire deal after US Treasury proposes tax inversion rule changes October 15, 2014 AbbVie is reconsidering its takeover of UK drugmaker Shire – and it could come at a hefty price. The US pharmaceutical firm is reconsidering the $54bn (£32bn) deal in light of the US government’s proposals to change rules aimed at ending tax inversion deals – the popular practice of US firms relocating their headquarters to countries with [...]
AbbVie seals £31.1bn deal for rival Shire in tax inversion move July 18, 2014 After weeks of speculation, US pharmaceutical giant AbbVie has wrapped up the acquisition of Shire for £31bn as it stands to benefit from the UK's more lenient tax laws. For each Shire stock they hold, shareholders will receive 0.9 of a new AbbVie share and £24.40 in cash. AbbVie has become the latest US company to [...]
AbbVie’s cash wins Shire’s heart in year’s biggest cross-border drug takeover July 14, 2014 UK drug maker Shire relented to US rival AbbVie’s takeover attempts yesterday and accepted a sweetened £31.4bn offer for the group, opening the door to the biggest cross-border drug takeover this year. Shire’s board, led by ex-M&A banker Susan Kilsby, will recommend the £53.20 a share offer, which is comprised of £24.44 in [...]
Shire board ready to recommend AbbVie’s £31bn takeover offer July 14, 2014 Shire's board has indicated that it is ready to recommend AbbVie's latest offer to buy the company for £31bn. The bid, which was made on Sunday, marks the American company's fifth attempt to buy the London-listed pharmaceutical firm, after four previous approaches were rejected. The new offer is valued at £53 per share and would [...]
Deadline day starts to loom for AbbVie’s takeover bid for Shire July 14, 2014 US drug giant AbbVie will embark on a final push to land UK rival Shire this week after meeting with representatives of the business over the weekend to thrash out a $30bn plus takeover deal. The US firm has until Friday to submit a proposal under Takeover Panel rules or walk away for at least [...]
AbbVie’s bid to take over Shire weakens amid mixed messages July 9, 2014 US drug firm AbbVie’s bid to take over UK rival Shire softened again yesterday after shares fell for a second day. The drop added to the US group’s woes after it was forced to issue an embarrassing clarification about shareholder support for the proposed deal. Chief executive Rick Gonzalez said shareholders backed him but yesterday [...]
AbbVie retracts statements suggesting Shire shareholder support for latest bid July 9, 2014 US drugmarker AbbVie has retracted statements made by its chief executive claiming support for the company's bid for UK rival Shire. Just a day after AbbVie made its much anticipated fourth takeover bid for the UK-listed drug company, lifting its previous offer for the group by 11 per cent to bid £30.1bn, the US firm has been [...]
AbbVie hikes its takeover bid for Shire to top £30bn July 8, 2014 US drug firm AbbVie yesterday made a hotly anticipated fourth takeover bid for UK rival Shire, bumping up its previous offer by 11 per cent to bid £30.1bn for the group. Shares in Shire closed down 2.6 per cent after the company told investors to wait until its board had met to discuss the proposal [...]