M&A

Done deal? Takeda reaches a ‘breakthrough’ in Shire merger talks as deal announcement looms — Reuters

The latest word from the frontline on the Takeda/Shire merger is from Reuters, which reports that the two sides have reached a breakthrough in their talks. They are now planning to announce a preliminary deal on Wednesday, with an extension on the deal talks past the 5 pm deadline required by UK M&A rules.

Flemming Ornskov

The story follows Shire’s acknowledgment today that the company received their 5th offer from Takeda, following up on the last public offer of £47 per share offer that came earlier with £21 in cash and £26 in shares totaling around $62 billion. Takeda has reportedly been adding more cash to the deal to make it more attractive to Shire investors, who have been increasingly vexed by the company’s increasing weakness in the face of severe competitive pressures and the company’s debt load.

Bloomberg reported earlier that the two companies were close to a deal, further indicating that a merger between these two companies is looking increasingly likely.

A matchup with Shire would give Takeda a big Boston/Cambridge group, expanding on Shire’s move to concentrate its forces in Lexington and Cambridge, following its Baxalta buyout. It would also likely signal a further wrenching reorganization for local staffers, who have been through repeated revamping under CEO Flemming Ornskov.


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