>>> Takeda founding family member says Shire takeover would be ‘disastrous’

Takeda founding family member says Shire takeover would be ‘disastrous’
09 SEP 2018
Takeda Pharmaceutical [TYO:4502] family founding member Kazu Takeda has said the Japanese company’s proposed takeover of Irish counterpart Shire [LON:SHP] would have “disastrous” consequences, The Sunday Times reported. Kazu Takeda, who with a group of other small shareholders is trying to prevent the Shire deal from going ahead, said the proposed deal could distance the Japanese company from its “Takeda-ism” philosophy, according to the report.

Takeda-ism assets that contributing to people’s happiness drives profit, the item explained.

Kazu Takeda’s shareholder group have adopted the name Thinking about Takeda’s Bright Future (TTBF), according to the newspaper. The group represents 130 family members and former Takeda employees, the report added.

Few analysts believe TTBF will be able to enlist sufficient support to block a shareholder vote on the Shire deal, according to the newspaper.

TBBF put forward a proposal for Takeda’s AGM in Osaka in June, which would have forced the company to seek the approval of shareholders in advance of any acquisition worth more than USD 9bn (GBP 6.96bn). However, slightly less than 10% of shareholder votes backed the proposal, the report said.

TTBF thinks Takeda’s offer of GBP 49 per share for Shire is too generous, the item said, noting that the USD 62bn (GBP 47.98bn) offer represents a premium of 64% to Shire’s share price prior to speculation on 23 March of a Takeda bid.

Shire’s share price has gained 30.4% since then, but Takeda shares are 22.5% down, the report continued.

Shire’s share price closed 47.0p down at 4284.5p in London on Friday, 7 September, giving the company a market capitalisation of GBP 39.18bn.