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HONG KONG-- Takeda Pharmaceutical Co. on Tuesday reached an agreement to buy Shire PLC, capping a monthslong battle for control of the European drugmaker and marking the largest-ever overseas acquisition by a Japanese company.
Takeda Pharmaceutical agrees deal to acquire Shire
(Adds further detail and share price.) Shire PLC SHP.LN on Thursday reported a 47% rise in first-quarter net profit on higher sales, and backed its full-year outlook, but didn't make any new comments on its possible takeover by Japan's Takeda Pharmaceutical Co. TKPYY for about $64 billion. On Wednesday Shire said it would be willing to recommend Takeda's fifth offer proposal--$30.33 in cash and 0.839 Takeda share for each Shire share--if formalized.
Takeda has until May 8 to either make a formal offer for Shire or walk away. Shire also said it would be willing to recommend Takeda's latest offer to its shareholders if one is made. "Shire Profit Rises on Higher Sales, Backs Outlook," at 1127 GMT, incorrectly said in the fifth paragraph that Takeda has until May 8 to complete a deal. No formal offer has been put to shareholders, but Shire has said it would be willing to recommend Takeda's offer if a formal one is made.
Shire PLC SHP.LN will report its first-quarter earnings on Thursday at 1100 GMT. Here's what to expect: NET INCOME: The Dublin-based pharmaceutical company is forecast to report first-quarter net profit of $625.3 million, according to a consensus forecast provided by FactSet, up from $375 million in the previous-year period.
Shire rises 2.7% as drug maker supports Takeda's revised takeover bid
Shire PLC said Wednesday it is willing to recommend that shareholders accept Takeda Pharmaceutical Co.'s last-ditch $64 billion takeover bid and extended the deadline for a possible deal to May 8. If successful, the move would cap a monthslong battle by Takeda to buy the European company and mark the largest-ever acquisition by a Japanese company of a Western rival.
Takeda Pharmaceutical Co. on Tuesday made a fifth takeover proposal for rival drugmaker Shire PLC, a last-ditch move by the Japanese company that would likely value the rare-drug specialist at more than $60 billion.
Shire PLC SHP.LN said Tuesday that it has received a further proposal from Japan's Takeda Pharmaceutical Co. (4502.TO) and is considering its position after rejecting four earlier proposals. The Ireland-based rare-disease specialist didn't provide any value for the new offer. Takeda's most recent proposal last Friday was GBP47 a share, including GBP21 a share in cash and GBP26 a share in equity.
Shire PLC said Tuesday it has received a fifth takeover proposal from Takeda Pharmaceutical Co., a last-ditch move by the Japanese drugmaker that would likely value the rare-drug specialist at more than $60 billion.
Shire rises 6.1% after report of improved takeover bid from Takeda
Japan's Takeda Pharmaceutical Co. said Friday it had made a sweetened proposal to buy Shire PLC after its three previous bids for the rival drugmaker that has drawn broader interest across the sector were rejected.
Japan's Takeda Pharmaceutical Co. said Friday it had made a sweetened proposal to buy Shire PLC, just a day after it had a bid rejected for the rival drugmaker that has drawn broader interest across the sector.
Shire drops 3.3% after Allergan backs away from takeover offer
The offer from Japan’s Takeda, which values Shire at $62 billion, caps a monthslong battle for control of the European drugmaker.
Takeda is near a deal worth more than $60 billion to buy European drugmaker Shire, having raised its bid four times in a sign of how ardently Japan’s legacy companies are pursuing growth abroad as sales at home slow.
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Takeda moved closer to securing a $64 billion takeover of Shire after the target said it was willing to recommend that shareholders accept the Japanese firm’s latest proposal.
Takeda made a fifth takeover proposal for rival drugmaker Shire, a last-ditch move by the Japanese company that would likely value the rare-drug specialist at more than $60 billion.
Japan’s Takeda said it had made a sweetened proposal to buy Shire after its three previous bids for the rival drugmaker that has drawn broader interest across the sector were rejected.
Drugmaker Shire rebuffed a takeover bid from rival Takeda Pharmaceutical, then Allergan took a look.
Drug maker Allergan said it won’t submit an offer for rival Shire, changing its tune just hours after Allergan said it was considering such an offer.
Shire has rejected Takeda’s three offers to buy it, and there may not be much more wiggle room to sweeten the bid.
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Shire has agreed to sell its oncology business to French drugmaker Servier for $2.4 billion, in a deal that could discourage Takeda from launching a takeover.
A graphic look at selected stock activity for the week ended March 29, 2018. Includes GameStop, Finish Line, and lululemon.
M&A in Europe hit an 11-year high for the first quarter and shows no sign of slowing, even as the threat of a possible China-U.S. trade war and pressure on global technology stocks hang over equity markets.
Asian shares climbed, picking up on overnight gains on Wall Street to trim some of the losses of a tough first quarter.
Takeda Pharmaceutical shares fell 7.4% to their lowest level in more than a year, over concerns that the potential blockbuster deal to acquire Shire was too much for the Japanese company to swallow.
The Japanese pharmaceutical company is being opportunistic in considering a bid for London-listed Shire.
Takeda said it was weighing a bid for rival Shire, a potential deal that would create a global drug giant worth more than $80 billion and mark the latest move in an industry brimming with deal activity.
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The offer from Japan’s Takeda, which values Shire at $62 billion, caps a monthslong battle for control of the European drugmaker.
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Shire plc : Shire announces revised proposal and extension of PUSU deadline to 8 May 2018
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Shire Plc is a biopharmaceutical company. It engaged in the research, development, licensing, manufacturing, marketing, distribution and sale of medicines to meet significant unmet patient needs. The company's products include adderall, advate, adynovate, agrylin, antithrombin 3, aralast, bebulin, buccolam, feiba, firazyr and foznol. Shire was founded in 1986 and is headquartered in Dublin, Ireland. (See Full Profile)
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