Takeda Raises Offer For Shire To GBP 49/shr

(RTTNews) - Shire plc (SHPG, SHP.L) announced earlier today that it received a further revised proposal from Takeda Pharmaceutical Company Limited (TKPYY.PK, TKPHF.PK) regarding a possible offer for the Company. The revised proposal comprises 0.839 new Takeda shares and US$30.33 in cash for each Shire ordinary share.

The Revised Proposal implies an equivalent value of about 49 pounds per Shire ordinary share comprising the equivalent of 27.26 pounds in new Takeda shares; and 21.75 pounds in cash.

On this basis the Revised Proposal is equivalent to a value of about 46 billion pounds for the entire issued and to be issued share capital of the Company. Shire shareholders would also be entitled to any dividends announced, declared, made or paid by Shire in the ordinary course prior to completion of the possible transaction.

At completion, Shire shareholders would own approximately 50 per cent. of the enlarged Takeda and the new Takeda shares will be listed in Japan and in the US through an ADR program.

Shire's board said in a statement it's willing to recommend to shareholders Takeda's fifth proposal.

As per the U.K rule, Shire has agreed to an extension of the relevant deadline until 5.00 p.m. (London time) on 8 May 2018 to enable the parties to conclude their ongoing discussions. This deadline may be extended further with the consent of the Takeover Panel.