Takeda Says Its GBP 46.50/shr Offer Rejected By Shire, But Talks Continuing

(RTTNews) - Responding to recent press speculation, Japan's Takeda Pharmaceutical Co. Ltd. (TKPYY.PK) confirmed that on April 12 it made a revised proposal to the Board of Shire plc (SHP.L, SHPG) to acquire Shire for 46.50 pounds per share. But, Takeda said it was subsequently notified that the Board of Shire had rejected its proposal. Discussions between the parties regarding a potential offer are ongoing.

The offer price comprised of 17.75 pounds in cash (to be paid in US$) and 28.75 pounds of new Takeda shares.

Takeda reiterated that it will remain disciplined with respect to the terms of any such offer. As previously stated, Takeda intends to maintain its well-established dividend policy and investment grade credit rating.

As per the U.K rules, Takeda must, by no later than 5.00 p.m. (London time) on 25 April 2018, either announce a firm intention to make an offer for Shire or announce that it does not intend to make an offer for Shire. The deadline will only be extended with the consent of the UK Panel on Takeovers and Mergers.