Finsbury Works Takeda's Sweetened Bid for Shire

Takeda Raises Bid for Shire to Over $60 Billion

Takeda Raises Bid for Shire to Over $60 Billion

"The board announces that it has received a revised proposal from Takeda regarding a possible offer for the company on 24 April", Shire said, adding it is considering its position.

Finsbury is handling Takeda Pharmaceuticals' fifth bid for rare drug specialist Shire PLC of Dublin.

The fourth proposal comprises £26 per share in new Takeda shares, to be listed in Japan and in the U.S. through an ADR listing, and £21 per share in cash, representing a potential value of £47 per share and approximately £44 billion for the total issued and to be issued share capital of the company. Since then, it has made five offers, the latest earlier on Tuesday.

Under British takeover rules, Takeda had until 5 p.m. (1600 GMT) on Wednesday to make a firm offer or walk away from Shire. Takeda was unavailable for comment.

However, that deadline can be moved back at the request of the FTSE 100 drugmaker and Takeda had said on Friday it hoped negotiations with Shire would lead to an extension.

A takeover would catapult Takeda into the top ranks of global drugmakers.

Takeda's shares slid nearly 6 percent in early Tokyo trade on Wednesday as investors fretted over its ability to finance the cash and stock deal.

It said that completion of the deal would give Shire shareholders "a very meaningful stake in a leading global biopharmaceutical company" and benefits from the synergies flowing from the deal. The size of the Shire bid, however, has left some investors questioning the level of risk.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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