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Shire says ready to recommend higher AbbVie offer

Shire said on Monday it was ready to recommend a newly revised higher offer from AbbVie, valuing the London-listed drugmaker at £53.20 pounds ($90.53) per share.

AbbVie, which wants to buy Shire to cut its tax bill and diversify its product line-up, raised its cash-and-stock offer for Shire to £51.15 a share last Tuesday.

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On Monday the firm said it had requested and received a higher proposal comprising £24.44 in cash and 0.8960 shares of new AbbVie per Shire share.

Under the offer, Shire shareholders would own approximately 25 percent of the combined new firm.

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