Many residents in the UAE stressed that maintaining these regular bedtime routines can be difficult as professional lives can often be quite demanding
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Shire Pharmaceuticals on Monday backed a revised $53.6-billion takeover from US giant AbbVie, reversing its opposition to a deal, and added it was in “detailed discussions” over terms.
AbbVie’s latest cash-and-stock proposal for Shire was worth £53.20 per share, valuing the company at the equivalent of £31.35 billion or €39.5 billion ($53.8 billion), Shire said in a statement.
The US group’s previous offer, pitched only last week, was at £51.15 per share or $51.6 billion.
Shire shareholders are to get £24.44 in cash and 0.8960 shares of new AbbVie per Shire share, and own 25 per cent of the combined company, under the new proposal received on Sunday.
“The board of Shire has indicated to AbbVie that it would be willing to recommend an offer at the level of the revised proposal to Shire shareholders subject to satisfactory resolution of the other terms of the offer,” Shire said on Monday.
“Accordingly, the board is in detailed discussions with AbbVie in relation to these terms,” added the group, which is listed in London and New York but based in Dublin.
Shire, which is a specialist in drugs for the treatment of attention-deficit disorder, had previously rejected offers from AbbVie as undervaluing the company’s prospects.
It also provides treatments in areas such as rare diseases and neuroscience and is developing products in other therapeutic areas.
Shire had also previously highlighted concerns over AbbVie’s plans to make Britain its home base for tax purposes.
The latest proposal remains subject to preconditions set by AbbVie on July 8, including due diligence and the recommendation of the board. Shire added however that there was no certainty that any firm offer would be made, while a further update would be made when appropriate.
AbbVie, which is listed in New York and was spun off from Abbott Laboratories in January 2013, had been repeatedly rejected by Shire since an initial proposal on May 6 worth £39.50 per share .
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