AbbVie Rejected by Shire

AbbVie Rejected by Shire

Chicago based pharmaceutical company AbbVie has had its $46.3 billion takeover bid for Irish firm Shire rejected. The spin off from Abbot Laboratories had made three offers over the last few months, the latest at the end of May, but Irish eyes were not smiling on the valuation or conditions of the takeover bid. Shire’s chairwoman Susan Kilsby said that she believes the company has a ‘strong independent future’. As part of the proposal AbbVie would have become an Irish company, benefitting from favourable tax conditions in Dublin. Shire is based in the Irish capital but trades on the London stock exchange; its shares were up 13 per cent today. Read the full story.