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Friday, June 20, 2014

AbbVie says Shire rejected bid valuing it at $46 billion, (NYSE: ABBV)

British drugmaker Shire has rejected a takeover offer from AbbVie Inc which would have valued the group at around 27 billion pounds ($46 billion), the U.S. firm said on Friday.AbbVie, which said the talks were no longer ongoing, was responding to press speculation on Thursday which had revealed the talks.AbbVie's initial cash and share proposal in early May 2014 represented an indicative offer of 39.50 pounds per share for Shire, and the third and latest cash and share proposal represented an indicative offer of 46.26 pounds, it said.AbbVie, which makes rheumatoid arthritis drug Humira, has a market capitalisation of around $86 billion. Shares in Shire closed at 37.38 pounds on Thursday, giving it a market capitalization of 22 billion pounds ($38 billion).

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV fell by 0.7% or $-0.38/share to $54.19. In the past year, the shares have traded as low as $41.07 and as high as $55.40. On average, 5701390 shares of ABBV exchange hands on a given day and today's volume is recorded at 3960078.