Takeda shares down 3 percent after Shire rejects $63 billion offer
Takeda shares down 3 percent after Shire rejects $63 billion offer
Japan`s Takeda Pharmaceutical Co Ltd shares were down 3 percent in morning trading in Tokyo on Friday after rare disease drug maker Shire Plc rejected its $63 billion cash-and-stock acquisition offer.
Shire said it had received three conditional proposals from Takeda, but said they significantly undervalued the company`s growth prospects and drugs in development.
Botox maker Allergan Plc also said it was considering an offer for Shire before reversing course on pursuing a rival bid.
Under UK takeover rules, Takeda has until April 25 to make a firm offer or walk away, after it said last month it was considering a bid.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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