Shire, the London-listed maker of treatments for ADHD and rare diseases, has agreed a £46bn bid from Japan’s Takeda, in the biggest deal in the pharmaceutical sector since 2000.
It is the latest in a series of takeovers involving British companies. It came as Virgin Money, backed by Sir Richard Branson, said it was reviewing an all-share takeover approach worth £1.6bn from CYBG, the owner of Clydesdale and Yorkshire Bank. A deal would bring together two of Britain’s biggest challenger banks.
After being rebuffed four times, Takeda secured a recommendation from the Shire board by raising the amount of cash in its offer to $30.33 (£22.43). Shire shareholders will also receive 0.839 new Takeda shares for each share. The offer is worth £49.01 a share, about £5 more than Takeda’s initial bid in late March.
Shares in the FTSE 100-listed company rose by 5% to £40.77 in early trading but remain well below the offer price, indicating that Shire shareholders have reservations about the deal. There are concerns that the move will overstretch Takeda’s finances.
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