Shire snubs inadequate Takeda offer but starts bidding war

Shire share price Pharmco rejects Takeda’s takeover bid

Shire (SHPG) is reportedly the subject of a bidding war as it has rejected three buyout proposals from Takeda Pharmaceutical and is now garnering potential interest from Allergan (AGN), according to reports early Thursday.

Takeda says the proposal did not constitute an offer, and emphasised there is no certainty a formal offer will be made.

Botox-maker Allergan Plc. had also dropped its rival bid during that time.

Many analysts think Takeda will need to substantially raise the cash component to make the offer attractive to Shire shareholders.

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Shire also rejected the third proposal, made up of £17.75 in cash, to be paid in USA dollars, and £28.75 of new Takeda shares.

"There can be no certainty an offer will be made nor as to the terms on which such offer would be made", Allergan said.

Dublin-based pharmaceutical company Allergan has U-turned on its interest in buying Shire. The shareholders were anxious and concerned about the company's overstretching of its resources.

The offer was the third from Takeda that had been turned down by the firm. However, both firms said talks were continuing.

Shares of Allergan were down 4.4 percent at $158.37 after earlier sliding by as much as 8.5 percent after the company said it was considering making an offer for Shire.

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A takeover would meanwhile strengthen Takeda's global position in drugs to fight cancer and combat gastrointestinal and nervous-system diseases.

Shire rejected Takeda's $60 billion takeover bid on Thursday morning.

Shire makes eye care drugs that are still patent-protected.

For Takeda, the deal would mean a expanded presence in the U.S. - Shire collected about 66% of its revenue from the U.S. past year.

According to United Kingdom takeover laws, Takeda has until 5pm GMT on April 25 to come back with another offer.

ILLEGAL ACTIVITY NOTICE: "Cantor Fitzgerald Analysts Give Shire (SHPG) a $222.00 Price Target" was published by Macon Daily and is the sole property of of Macon Daily.

Shire has said Takeda's overtures are too low.

"The board and management of Shire remain committed to enhancing shareholder value and are focused on fully evaluating internal and external opportunities to maximise value for shareholders, including any further proposals from Takeda".

The firm has emerged as a takeover target after a string of acquisitions, including a $32 billion merger with rare disease firm Baxalta in 2016, have proved unpopular with investors.

Among 27 analysts covering Shire plc (ADR) (NASDAQ:SHPG), 22 have Buy rating, 0 Sell and 5 Hold.



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