FTSE 100 drugmaker Shire recommends £46bn takeover by Takeda

FTSE 100 drugmaker Shire recommends £46bn takeover by Takeda

FTSE 100 drugmaker Shire recommends £46bn takeover by Takeda

And the shareholders of each company will have the final say.

At completion, Shire shareholders would own approximately 50 per cent. of the enlarged Takeda and the new Takeda shares will be listed in Japan and in the U.S. through an ADR program.

Takeda is now offering £47 per share, comprised of £21 in cash and £26 of new Takeda shares. Goldman Sachs reiterated a "conviction-buy" rating and set a GBX 4,600 ($64.16) price objective on shares of Shire in a research report on Monday, March 26th. Shire added that the deadline could be extended further, if needed.

Weber was promoted to CEO in 2015, becoming the drugmaker's first non-Japanese boss. The acquisition would also boost its earnings from the USA, where Shire's Adderall treatment for attention deficit hyperactivity disorder is popular.

SHPG reached $164.6 during the last trading session after $4.52 change.Shire plc has 1.77 million shares volume, 18.42% up from normal. Ambitious cost cutting will be required to make the deal pay.

The firm previously took the lead for Shire alongside Ropes & Gray when it made an unsolicited $30bn (£19.2bn) approach for rival drug company Baxalta in 2015. And because Millennium had a much smaller workforce than Shire does in MA - about 1,200 employees when Takeda bought it - Shire probably has more positions that will be considered superfluous, she said.

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Sky shares were the top performers of the session after US media group Comcast submitted a 22 billion pound ($30.7 billion) bid, prompting the European pay TV group to drop its support for a lower offer from Rupert Murdoch's Twenty-First Century Fox. It said on Wednesday it meant to maintain its dividend policy and investment-grade credit rating following the deal.

At the other end of the large cap index, GlaxoSmithKline ended down 3.4% after the drugmaker reported a drop in first-quarter earnings and warned of the negative impact of currency movements on the remainder the year, while also remaining cautious on the outlook for asthma drug Advair in the US.

Shire brings a bench of rare-disease drugs, including for hemophilia and hereditary angiodema, that will catapult Takeda into a higher league.

Whitbread shares got an initial boost after announcing the spin-off of Costa Coffee - a move long sought by activist investors - but then retreated, closing 0.2 percent down on the day. Shire was also almost bought by USA drugmaker AbbVie Inc in 2014, until United States tax rule changes caused the deal to fall apart.

Shire traces its roots back to 1986, when it began as a seller of calcium supplements to treat osteoporosis, operating from an office above a shop in Hampshire.

Notably, Comcast reported a profit for its first quarter that increased 21% from a year ago of USD3.12 billion, or USD0.66 per share.

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