April 19, 2018 / 12:57 PM / 7 months ago

BRIEF-Shire Rejects Third Proposal From Takeda To Buy Out Co

April 19 (Reuters) - Shire Plc:

* BOARD HAS SINCE RECEIVED TWO FURTHER PROPOSALS

* SECOND PROPOSAL COMPRISED £28.75 PER SHARE IN NEW TAKEDA SHARES, TO BE LISTED IN JAPAN AND IN US; £16.75 PER SHARE IN CASH

* SECOND DEAL PROPOSAL REPRESENTS A POTENTIAL VALUE OF £45.50 PER SHARE

* SECOND DEAL PROPOSAL REPRESENTS A POTENTIAL VALUE OF APPROXIMATELY £43 BILLION FOR TOTAL ISSUED AND TO BE ISSUED SHARE CAPITAL OF COMPANY

* UNDER SECOND PROPOSAL, BASED ON TAKEDA’S CURRENT MARKET CAP, SHIRE SHAREHOLDERS WOULD OWN APPROXIMATELY 51 PER CENT. OF ENLARGED TAKEDA

* THIRD PROPOSAL ALSO COMPRISED £28.75 PER SHARE IN NEW TAKEDA SHARES, TO BE LISTED IN JAPAN AND IN US THROUGH AN ADR LISTING, AND £17.75 PER SHARE IN CASH

* BASED ON TAKEDA’S CURRENT MARKET CAPITALISATION, UNDER THIRD PROPOSAL SHIRE SHAREHOLDERS WOULD OWN APPROXIMATELY 51 PER CENT

* BOARD MET AGAIN AND THOROUGHLY CONSIDERED THIRD PROPOSAL WITH ITS ADVISERS, UNANIMOUSLY REJECTED IT, CONCLUDING THAT IT CONTINUES TO SIGNIFICANTLY UNDERVALUE CO

* THIRD PROPOSAL REPRESENTS POTENTIAL VALUE OF £46.50 PER SHARE, ABOUT £44 BILLION FOR TOTAL ISSUED AND TO BE ISSUED SHARE CAPITAL OF COMPANY

* SHIRE’S ADVISERS ENTERED INTO A DIALOGUE WITH TAKEDA’S ADVISERS TO DISCUSS WHETHER A FURTHER, MORE ATTRACTIVE, PROPOSAL MAY BE FORTHCOMING Source text for Eikon: Further company coverage:

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