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.

Read MoreUK to demand job assurances in foreign takeovers

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.

Follow us on Twitter: @CNBCWorld

Contact Europe News


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video

  • The FBI have stated that North Korea's government is responsible for the Sony attack. Neil Ashdown, deputy head of Asia analysis at IHS, weighs in, saying that it's difficult to "definitively attribute" a hacking attack to a particular group or state.

  • What were the main highlights of the EU Summit in Brussels? CNBC's Hadley Gamble gives you the lowdown.

  • Carnival Cruises earnings have beaten expectations in its fourth quarter, with lower fuel prices being a great help, says David Dingle, UK chairman of Carnival Cruises.