Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, October 16, 2014

AbbVie recommends stockholders to reject Shire deal, (NYSE: ABBV)

U.S. pharmaceutical company AbbVie Inc recommended stockholders to vote against its $55 billion takeover of Shire Plc in the wake of a U.S. government move to curb "inversion" deals that allow companies to escape high U.S. taxes by reincorporating abroad. "The agreed upon valuation is no longer supported as a result of the changes to the tax rules and we did not believe it was in the best interests of our stockholders to proceed," AbbVie Chief Executive Richard Gonzalez said in a statement.

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV traded higher by 0.92% or $0.5/share to $54.63. In the past year, the shares have traded as low as $45.50 and as high as $60.02. On average, 13893100 shares of ABBV exchange hands on a given day and today's volume is recorded at 122740856.