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Shire’s board last night set the stage for a potential Takeda acquisition by saying it would recommend to shareholders approval of Takeda’s approximately £46 billion ($64 billion) offer for the company—if other terms can be worked out. In addition to resolving those terms, Shire disclosed in a statement, its acceptance of a Takeda takeover would hinge upon “completion of reciprocal due diligence by Shire on Takeda,” as well as a unanimous and unconditional recommendation by Shire’s board and final approval by Takeda’s board. In separate statements, Shire and Takeda confirmed they are in ongoing talks and that they had agreed to extend to May 8 a deadline for reaching a deal. Takeda’s latest bid—its fifth—prices Shire at £49 ($68) per share, consisting of £27.26 ($38) per share in new Takeda shares, to be listed in Japan and in the U.S. through an American Depositary Shares listing, ...NEXT ARTICLE
Mergers & Acquisitions
Commercial and market reports on mergers and acquisitions in the biotechnology, pharmaceutical, medical device and life-science industries. Mergers and acquisitions (abbreviated M&A;) is an aspect of corporate strategy, corporate finance and manageme...