Sign up
Pharma Capital

City paying little heed to latest Shire scare story

Shire has agreed to be taken over by Takeda of Japan in a £46bn deal
1528721955_5_Traders_at_work.jpg
Traders didn't seem unduly concerned by the latest threat to the takeover

Shares in Shire PLC (LON:SHP) were up marginally in afternoon trade, suggesting the market is according little credence to the latest scare story dogging the UK drugs giant’s £46bn takeover.

According to newswire reports, former employees accounting for around 1% of bidder Takeda Pharmaceutical Co’s (TYO:4502) shareholder register want to block the deal.

“Last year, the same group attempted to prevent the appointment of outgoing chairman Yasuchika Hasegawa to an advisory position at the company,” Reuters pointed out.

“Although the proposal was defeated at the company's annual general meeting, it gained 30.5 percent of votes.”

Square Mile sanguine 

The Square Mile remained sanguine about the prospect, with Shire stock changing hands for £40.18, up around 19 pence.

Last month, Shire’s board unanimously agreed a £46bn bid tabled by its Japanese drugs rival, having spurned four previous approaches.

The clincher appeared to be the cash component of the transaction, which has been boosted to around £24 a share, making up just under half the £49.01 a share offered by the Japanese company.

Since then, the headline value has receded as Takeda’s stock has fallen.

Shire shareholders will own about half of the combined group after the deal, which will be the biggest takeover in the sector since 2000 if approved by shareholders.

Ian_55ae0ddd437b7.jpg


Register here to be notified of future SHP Company articles
View full SHP profile View Profile
View All

Related Articles

© biotech Capital 2018

Biotech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed biotech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Biotech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Biotechnology market.