Shire and AbbVie cautioned against leaks by UK Takeover Panel
AbbVie and its prospective takeover target Shire have been warned against leaking strategic data by the Takeover Panel, The Times reported. The unsourced report said the British regulatory body contacted both listed pharmaceuticals groups over the past couple of days to tell them not to leak information regarding their deal strategies, in the wake of American pharma giant Pfizer’s failed offer for UK-based AstraZeneca.
Dublin-headquartered Shire, which is listed in London, is expected to strengthen its defence against Chicago-based AbbVie today by revealing plans to target USD 10bn revenues within the next six years, the report said. It noted that Shire last week announced it had already rejected three AbbVie offers which it considered to undervalue the business.
Shire has a GBP 25.7bn (EUR 32.2bn) market cap.
Source The Times