Shire Confirms Rejection of AbbVie Proposal
Shire reports that AbbVie offer undervalued company.
In a June 20 statement, Shire confirms that the board had rejected a May 30, 2014 “unsolicited and highly conditional proposal” from AbbVie regarding a possible cash and share offer for Shire. Reuters estimated the value of the offer at $46 billion (27 billion-pounds).
Shire reports that the offer undermined the value of the company and its prospects, and the board had concerns with execution risks associated with the proposed structure, as AbbVie would redomicile in the UK for tax purposes.
The May 30 proposal followed two earlier proposals, which were also rejected, Shire reports. At AbbVie's request, Shire met with AbbVie to discuss key aspects of the Proposal. Following the meeting, Shire's board decided unanimously to reject the proposal on the basis that it fundamentally undervalued the company and its prospects.
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