Takeda raises offer for Shire for a fourth time to £42.8bn

Takeda has upped its offer to buy Irish rival Shire Credit REUTERS  Kim Kyung-Hoon  File

Takeda has upped its offer to buy Irish rival Shire Credit REUTERS Kim Kyung-Hoon File

Japan's Takeda Pharmaceutical has increased its offer for Shire to $47 a share after its three previous bids - the last at £46.50 - were rejected by the rare-disease drugs specialist.

But it would be a big financial stretch since Shire, with a market value of more than £34 billion, is worth a lot more than Japan's biggest drugmaker, which has a market capitalisation of 4.1 trillion yen.

On Thursday, Allergan announced that it was considering a bid but then promptly put out another statement saying that there would be no offer.

The company's CEO and serial dealmaker Brent Saunders said recently that the group was looking into a range of business development options after buying back a large tranche of its shares past year, and in its latest statement said that process would continue.

The Improved Proposal represents an increase of approximately 7 per cent.to the original proposal of 44.00 pounds per share made on March 29, 2018; an increase of 3.25 pounds and approximately 18 per cent.in cash per Shire share to the previous proposal of 17.75 pounds in cash per share made on April 12, 2018. Ltd. (TKPYY.PK) said Friday that it has made an improved proposal to the Board of Shire plc (SHP.L, SHPG) to acquire Shire. Meanwhile, Allergan's stock in NY sank as much as 8.5%. Shares were flat on Friday. They closed up almost 6%.

Takeda's stock has taken a beating from talk of a blockbuster deal.

The recent proposal comprised of 21.00 pounds in cash (to be paid in U.S.$) and 26.00 pounds of new Takeda shares.

Despite Allergan's swift U-turn, analysts believe further bids are likely as they say Shire's stock is undervalued relative to its earnings.

And if a takeover of that scale goes through, it would be the third biggest acquisition of a UK-traded company in history.

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