AbbVie increases offer for Shire
Tuesday, 8 July 2014
US drugs giant AbbVie has raised its takeover offer for UK rival Shire to £30.1 billion ($51.3 billion) in its latest attempt to persuade the firm to agree a deal. The share and cash offer equates to £51.15 a share and is 11 per cent higher than AbbVie's previous offer made in June, which Shire said undervalued the firm. AbbVie chief executive Richard Gonzalez said the increased proposal was "a compelling offer". It is AbbVie's fourth attempt to buy Shire, a drug maker for rare diseases. "This offer creates immediate and long-term value to shareholders of both companies. We think its shareholders should strongly encourage the Shire board to engage in constructive dialogue with AbbVie," Mr Gonzalez added in a statement, according to a news agency.