July 14, 2014 / 6:12 AM / 3 years ago

Shire says ready to recommend higher AbbVie offer

LONDON, July 14 (Reuters) - Shire said on Monday it was ready to recommend a newly revised higher offer from AbbVie , valuing the London-listed drugmaker at 53.20 pounds ($90.53) per share.

AbbVie, which wants to buy Shire to cut its tax bill and diversify its product line-up, raised its cash-and-stock offer for Shire to 51.15 pounds a share last Tuesday.

On Monday the firm said it had requested and received a higher proposal comprising 24.44 pounds in cash and 0.8960 shares of new AbbVie per Shire share.

Under the offer, Shire shareholders would own approximately 25 percent of the combined new firm.

$1 = 0.5877 British Pounds Reporting by Kate Holton, editing by James Davey

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