Shire says AbbVie offer undervalues group

LONDON, June 20 Fri Jun 20, 2014 4:01am EDT

LONDON, June 20 (Reuters) - British drugmaker Shire said it rejected a takeover proposal from U.S. group AbbVie because it undervalued the company and its growth prospects.

Shire said the proposals would deny its shareholders the full benefits of its strategy and warned it also had concerns regarding the execution risks associated with the move to base its tax domicile in the UK.

The company said it expected to more than double its 2013 annual product sales to $10 billion by 2020 and advised its shareholders to take no action in relation to the takeover bid. (Reporting by Li-mei Hoang; editing by Kate Holton)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article