Shire Board Will Meet To Consider The Proposal
By Tapan Panchal
LONDON--Shire PLC (SHP.LN) said Tuesday that its board will meet to consider the new revised proposal by AbbVie Inc. ( ABBV ), and advised its share holders to take no action in relation to the new offer.
The Dublin-based pharmaceutical company said the U.S. company didn't inform Shire before making the new proposal public.
AbbVie earlier Tuesday raised its offer for Shire to over $51 billion. It said its cash and shares offer represented 51.15 pounds a share ($87.6), an 11% rise on its previous offer.
Shire, which specializes in drugs to treat attention-deficit disorder and rare diseases, rejected a $46 billion takeover offer from AbbVie last month, saying it undervalued the company's growth prospects.
The Irish company didn't provide any details or timeframe for the board meeting to consider the revised proposal.
At 1508 GMT Shire's share were trading slightly higher at 4674 pence.
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