TheChek News Flow

Shire suitor Takeda says comments about potential offer aligned with previous statements

07 APR 2018

Takeda Pharmaceutical Company Limited [TYO:4502] has said that reported comments made by its chief executive regarding a potential takeover bid for Irish rival Shire [LON:SHP] were aligned with its previous statements. The statement posted on Takeda's website on Friday, 6 April follows:

Takeda Pharmaceutical Company Limited (“Takeda”) notes media reports about comments attributed to Takeda’s CEO Christophe Weber regarding the company’s possible offer for Shire plc (“Shire”). Takeda confirms that Mr Weber's comments were, however, aligned with the statements in our previous press releases. As set out in the press releases “Takeda Statement Regarding Shire plc” on March 28, 2018 in English and “Takeda’s official statement on Shire’s stock fluctuation” on March 29, 2018 in Japanese, clearly defined strategic and financial objectives are core to Takeda’s disciplined approach to acquisitions, including in relation to its dividend policy and credit rating, which are well-established. Any potential offer for Shire, if made, would have to align with this strict investment criteria.

Please refer to the published press releases for details.

In accordance with Rule 2.6(a) of the Code, Takeda must, by no later than 5.00 p.m. (London time) on 25 April 2018, either announce a firm intention to make an offer, subject to conditions or pre-conditions if relevant, for Shire in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Shire, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the UK Panel on Takeovers and Mergers (the “Panel”) in accordance with Rule 2.6(c) of the Code.

In accordance with Rule 26.1 of the Code, a copy of this announcement will be published on the Takeda website (https://www.takeda.com/newsroom/) by no later than 12 noon (London time) on 9 April 2018. The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement.

Background:

The Times reported on 6 April that Weber had informed analysts that Takeda was interested in acquiring Shire outright, rather than buying only certain assets. The report cited analysts who attended a meeting with Weber and Takeda’s chief financial officer Costa Saroukos in Tokyo on 5 April for the information.

Link to original source