Takeda Raises Offer For Shire To GBP 47.00/shr

(RTTNews) - Japan's Takeda Pharmaceutical Co. Ltd. (TKPYY.PK) said Friday that it has made an improved proposal to the Board of Shire plc (SHP.L, SHPG) to acquire Shire. The Improved Proposal is at a price of 47.00 pounds per share in cash and stock, compared to prior proposal of 46.50 pounds per share in cash and stock.

The recent proposal comprised of 21.00 pounds in cash (to be paid in U.S.$) and 26.00 pounds of new Takeda shares.

The Improved Proposal represents an increase of approximately 7 per cent. to the original proposal of 44.00 pounds per share made on March 29, 2018; an increase of 3.25 pounds and approximately 18 per cent. in cash per Shire share to the previous proposal of 17.75 pounds in cash per share made on April 12, 2018.

Takeda believes that the Improved Proposal represents a highly compelling opportunity for Shire shareholders, which reflects a further increase in value and a material increase in the cash component of the consideration mix.

Takeda noted that it will maintain its headquarters in Japan and primary listing on the Tokyo Stock Exchange and intends to put in place a NYSE listed ADR program at the point of completion to allow current Shire shareholders to continue to hold shares in the combined company.

Takeda said it looks forward to engaging constructively with the Board of Shire to finalize the terms of a recommendable transaction and facilitate an extension of the PUSU deadline (currently set for 5.00 p.m. (London time) on Wednesday April 25, 2018) to allow for a customary due diligence review.

Earlier, Allergan (AGN) confirmed that it does not intend to make an offer for Shire. However, Allergan said it would continue its ongoing process of evaluating a full range of potential strategic actions that would create value for shareholders, such as divestitures, combinations and acquisitions.