The following is an excerpt from Ben Martin, Carl O'Donnell | April 24, 2018 | reuters.com |
LONDON/NEW YORK (Reuters) - London-listed drugmaker Shire Plc said it was willing to recommend a deal with Takeda Pharmaceutical Co to its shareholders, after the Japanese company sweetened its acquisition offer to 46 billion pounds ($64 billion).
The development, first reported by Reuters, represents a major breakthrough for the companies in their negotiations, following a pursuit that started on March 28 when Takeda said it was considering a bid for Shire. Since then, Takeda has made five offers, the latest on Tuesday.
Shire said in a statement it had agreed to extend a Wednesday regulatory deadline for the deal talks to conclude to May 8 in order to allow Takeda to carry out more due diligence and firm up its bid. Shire added that the deadline could be extended further, if needed.
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