We learned another lesson in UK takeover law yesterday when AbbVie was forced to retract any statements about key shareholders backing its current bid to acquire Shire. Why? Apparently, you can't just say this stuff in the UK unless you have it in writing from the aforementioned shareholders. Oops! Who knew? Apparently not AbbVie CEO Richard Gonzalez or his advisors.
Analysts used the news (in my view) to trumpet that AbbVie needs to raise its price further to about 55 pounds per share or $55.4 B total to REALLY interest the shareholders and get the deal done. We'll see shant we, we'll see. See First Word Pharma and Bloomberg.
Posted by Bruce Lehr July 9th 2014.