OR WAIT 15 SECS
AbbVie sends Shire notice that it is reconsidering its offer recommendation.
UPDATE (Oct. 16, 2014)...Reuters is reporting that AbbVie's Board of Directors has recommended that shareholders vote against the proposed takeover of Shire. If AbbVie's shareholders do decide to withdraw the offer, Shire may receive a $1.64-billion break fee.
Reuters is reporting that AbbVie is reconsidering its acquisition of Shire as a result of US tax law proposals that would limit the ability of American companies to shift their tax bases out of the United States. AbbVie’s board will meet to discuss the impact of the US Department of Treasury changes to tax regulations on October 20. AbbVie announced its interest in Shire in July.
Shire confirmed receipt of AbbVie’s notice of its consideration to either withdraw or modify its offer recommendation in a statement on the company’s website. In the Shire statement, the Board of Shire expresses its belief that AbbVie should proceed with the recommended offer.