Blink and you missed it: Allergan doesn't plan to make a Shire bid [MarketWatch]
SHIRE (SHPG)
Last shire earnings: 11/1 08:00 am
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Source: MarketWatch
Blink and you missed it: Allergan doesn't plan to make a Shire bid Capping a day of high acquisition drama, Allergan PLC AGN, -4.40% has said it does not plan to make a bid for drugmaker Shire SHPG, -1.56% -- mere hours after saying it was considering such a bid. A play for Shire would have pitted Allergan against drugmaker Takeda Pharmaceutical Co. Ltd. 4502, -0.06% which had its about $60 billion bid for Shire rejected but has continued negotiations. Many Wall Street analysts viewed the potential Allergan-Shire deal poorly. "Combining the two undervalued companies to create value? Good for Shire, value for Allergan not clear," said Bernstein analyst Ronny Gal. Allergan shares dropped 4.4% in extremely heavy Thursday trade, to which Leerink analyst Etzer Darout noted that "investors would prefer a split or potential divestiture of parts of the business." Company shares have dropped 5.9% month-to-date, compared with a 11.3% rise in Shire shares and a 1.8% rise in the S&P 500
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