Shire board 'would be willing' to recommend £46 billion Takeda deal
The UK Takeover Panel has given Takeda a new 'put up or shut up' deadline of 1700 BST on 8 May to conclude talks.
Following receipt of a fifth proposal from Takeda on Tuesday, Shire's board announced just past midnight that the new potential offer comprised $30.33 (£21.75) in cash and 0.839 new shares in the Japanese drugmaker, which were lately valued at ¥4,923 so equating to £27.26 at recent exchange rates.
This fifth proposal values Shire at roughly £46bn and would also see Shire shareholders entitled to receive any dividends announced, declared, made or paid by Shire prior to completion.
At the end of last week, Takeda made a fourth approach pitched at £47 per share, comprising £21 in cash and £26 of new Takeda shares, valuing Shire at £44bn.
Shire directors have told Takeda that they "would be willing" to recommend the newer proposal to their shareholders subject to the agreement of "certain other terms", completion of a confirmatory due diligence by Takeda, the unanimous and unconditional recommendation of Shire's board and final approval by Takeda's board.
Takeda confirmed the statement, adding that it reserves the right to alter the mix of the proposal and reminded that it could still refrain from making any firm offer. ■