Takeda sweetens $60 billion Shire pitch as rival bows out

Allergan has done a U-turn on considering a massive bid for biotech firm Shire, the latest twist in a saga that has p...

Posted: Apr 20, 2018 12:57 PM
Updated: Apr 20, 2018 12:57 PM

Allergan has done a U-turn on considering a massive bid for biotech firm Shire, the latest twist in a saga that has played havoc with pharmaceutical stocks this week.

Shire has already been approached by Japanese drugmaker Takeda, which said Thursday it had proposed paying about -42.4 billion ($60 billion) for the company.

Reuters then reported Thursday that Allergan, whose headquarters are in Dublin, was also considering a bid for Shire, citing unnamed sources. Allergan responded with a statement saying that it was "in the early stages of considering a possible offer for Shire."

The news sent Shire's shares skyrocketing as much as 12% in London trading. They closed up nearly 6%. Meanwhile, Allergan's stock in New York sank as much as 8.5%.

But Allergan later killed the speculation, saying in a statement that it "does not intend to make an offer for Shire." The company said it will continue "evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions."

Related: The next mega merger could be a $60 billion drug deal

Allergan shares trimmed their losses, closing down about 4%. Shire's stock sank more than 3% early on Friday.

Takeda's shares have also taken a beating from all the talk of a blockbuster offer. They closed down nearly 5% in Tokyo on Friday.

Shire said in a statement that it had received and rejected three different proposals from Takeda in the past month.

It said its board and management were "focused on fully evaluating internal and external opportunities to maximize value for shareholders, including any further proposals from Takeda."

If Takeda formally makes a takeover bid of $60 billion or more, it would be the biggest so far this year, according to data from Dealogic.

And if a takeover of that scale goes through, it would be the third biggest acquisition of a UK-traded company in history.

-- Alanna Petroff contributed to this report.

Lafayette
Cloudy
30° wxIcon
Hi: 32° Lo: 28°
Feels Like: 22°
Kokomo
Cloudy
28° wxIcon
Hi: 30° Lo: 28°
Feels Like: 16°
Rensselaer
Cloudy
28° wxIcon
Hi: 30° Lo: 28°
Feels Like: 21°
Lafayette
Cloudy
30° wxIcon
Hi: 31° Lo: 26°
Feels Like: 22°
Danville
Cloudy
28° wxIcon
Hi: 33° Lo: 27°
Feels Like: 20°
Frankfort
Cloudy
27° wxIcon
Hi: 32° Lo: 27°
Feels Like: 17°
Frankfort
Cloudy
27° wxIcon
Hi: 30° Lo: 27°
Feels Like: 17°
Monticello
Cloudy
27° wxIcon
Hi: 31° Lo: 28°
Feels Like: 17°
Monticello
Cloudy
27° wxIcon
Hi: 30° Lo: 29°
Feels Like: 17°
Logansport
Cloudy
28° wxIcon
Hi: 30° Lo: 28°
Feels Like: 18°
Slick spots....
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 587049

Reported Deaths: 9287
CountyCasesDeaths
Marion810691296
Lake44121665
Allen31797541
Hamilton28178303
St. Joseph26684369
Elkhart24057340
Vanderburgh18519213
Tippecanoe17305121
Johnson14398284
Porter14342159
Hendricks13793241
Madison10509212
Vigo10432171
Clark10151129
Monroe9029108
Delaware8782129
LaPorte8721153
Kosciusko784677
Howard7834137
Warrick636790
Hancock633297
Bartholomew624294
Floyd6098105
Wayne5903156
Grant5799109
Dubois541670
Boone531467
Morgan512388
Marshall492484
Henry491164
Cass469060
Noble458757
Dearborn454544
Jackson413145
Shelby401178
Lawrence379475
Clinton363639
Gibson355056
DeKalb336363
Montgomery333851
Harrison326042
Knox325439
Miami308243
Steuben304940
Adams294435
Whitley292325
Wabash291645
Ripley290845
Putnam282447
Huntington281257
Jasper280733
White265738
Daviess260772
Jefferson248538
Fayette241348
Decatur241282
Greene232460
Posey230026
Wells228547
LaGrange223461
Clay216432
Scott216437
Randolph207540
Jennings191335
Sullivan188531
Spencer179917
Fountain178625
Washington175018
Starke170741
Jay162021
Fulton158829
Owen157837
Carroll151315
Orange150533
Rush148118
Perry145327
Vermillion144333
Franklin142533
Parke12788
Tipton127332
Pike113125
Blackford107022
Pulaski94637
Newton89020
Brown85530
Benton84110
Crawford7479
Martin69213
Warren6537
Switzerland6175
Union6063
Ohio4647
Unassigned0374

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events