Shire Plc, the Irish headquartered company that
is run from Boston, USA, and listed in London, announced today taht it’s willing
to recommend to its shareholders an AbbVie Inc. takeover for £31.4bn ($53.7bn) in cash and
stock, after the US drugmaker raised its offer again.
Shire said the bid from AbbVie of £53.20 a share, is 9.2% higher than Shire’s closing share price
AbbVie had made four other offers for as much as
£30.1bn and shire shareholders would have a 25% stake in AbbVie - - the
current US minimum foreign stake for a US company to move its tax residency to
Ireland and avail of the 12.5% corporation tax rate, is 20%.
“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,” Shire said
today in a statement. “Accordingly, the board is in detailed discussions with
AbbVie in relation to these terms.”
Shire said it provides treatments in rare
diseases, neuroscience, gastrointestinal and internal medicine and "we are
developing treatments for symptomatic conditions treated by specialist
physicians in other targeted therapeutic areas, such as ophthalmology."
AbbVie says it "is focused on developing new
medicines to address chronic progressive diseases in the field of immunology,
including rheumatology and dermatology. AbbVie is investigating several diseases
which have few or no treatments, including uveitis, hidradenitis suppurativa,
pediatric Crohn’s disease, osteoarthritis and lupus."
AbbVie has 25,000 employees and Shire has about
Ireland's gross national
product (GNP) is set to rise once the deal is completed.
Finfacts July 2014:
US-Ireland Tax Inversions 600,000+ staff: Kenny, Noonan met with top US