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Abbvie chases Shire again

Posted on 01 July 2014

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The boss of US drug-maker AbbVie is flying into London this week to court Shire’s shareholders and try to convince them of the merits of a potential takeover.

Rick Gonzalez, chief executive and chairman of AbbVie, is expected to schedule meetings with a host of Shire’s biggest investors, ahead of potentially raising its takeover offer.

Mr Gonzalez has already had three takeover offers rejected by Shire’s board, with his last proposal valuing the company at £27bn, or £46.11 per share.

It is understood that AbbVie will only sweeten its offer after having a better sense on valuation from shareholders.

Analysts are divided about how much AbbVie will have to raise its offer by. Estimates range between £55 and £62 per share. An offer above £50 could be enough to prompt Shire’s board to engage, one analyst said, while another countered that the scarcity of Shire’s drug portfolio will mean AbbVie will have to stump up a high price.

View the article at Telegraph

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