Shire PLC revealed an unsolicited offer to buy American rival Baxalta in an all-stock deal worth about $30 billion, after its initial proposal to the company’s board was rebuffed.
Mirroring the latest announcement, Baxalta shares rose 17% to $38.80 in early trading, while Dublin-based Shire’s ADRs dropped 3.6% to $258.56.
Shire’s hostile bid to acquire Baxalta
London-listed Shire PLC went public with its approach after Baxalta turned it down. The Dublin-based company said its unsolicited offer of 0.1687 Shire American depository receipts per share valued each Baxalta share at $45.23. The offer represents a premium of 36% based on Monday’s closing price.
Exuding confidence over the proposal, Shire Chief Executive Flemming...
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