UPDATE 9-Shire willing to back $64 bln Takeda bid, market signals doubts [Reuters]
SHIRE (SHPG)
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Source: Reuters
Shire willing to back $64 billion Takeda bid, market signals doubts | Reuters 6 Min Read LONDON/NEW YORK/TOKYO (Reuters) - Rare disease specialist Shire said on Wednesday it was willing to recommend a sweetened $64 billion offer from Japan’s Takeda Pharmaceutical Co to shareholders, in what would be the biggest acquisition of a drug company this year. But shares in Takeda extended recent losses, tumbling 7 percent as investors fretted over its ability to buy a company twice its size, raising doubts about whether Shire shareholders will accept a bid that is 56 percent in new Takeda shares. The stock slide - 18 percent since the news of a possible bid broke - makes the cash-and-share deal less appealing to Shire shareholders, some of whom may be reluctant or unable to hold Takeda shares. “The chances are UK shareholders in particular are not going to want Takeda shares, so there’s going to be a forced discount because some people are going to sell it,” said Neil Dwane, global strategist
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