Abbvie presses case for $46 billion Shire takeover

LONDON, June 25 Wed Jun 25, 2014 7:17am EDT

LONDON, June 25 (Reuters) - U.S. drugmaker AbbVie set out the strategic rationale for acquiring Shire on Wednesday as a battle for control of the London-listed group, which has spurned its $46 billion bid, entered a new phase.

The group said its cash-and-shares offer represented "compelling" immediate value with significant future upside potential from ownership in the enlarged group, adding it believed the transaction was "highly executable".

The proposed transaction would boost adjusted earnings per share materially in the first year following completion, growing to above $1.00 per share by 2020, it said. (Reporting by Ben Hirschler; editing by Kate Holton)

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