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Wednesday, November 5, 2014

Elliott Associates may sue AbbVie over scuttled deal, (NYSE: ABBV)

Hedge fund Elliott Associates may take legal action against pharmaceuticals company AbbVie Inc for scuttling a merger deal with Shire Plc.Elliott said in a quarterly letter to investors that it was disappointed when AbbVie's board withdrew its support for the deal in October after executives had signaled strong interest in late September.The $25.4 billion New York-based hedge fund founded by Paul Singer holds 7.85 million shares of Shire, according to a regulatory filing made on Oct. 15."We are exploring our options with respect to this matter, including whether to assert claims against AbbVie for making false and misleading statements about the transaction," the fund wrote in the letter, which was seen by Reuters.

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV fell by 0.41% or $-0.26/share to $62.40. In the past year, the shares have traded as low as $45.50 and as high as $63.99. On average, 14102300 shares of ABBV exchange hands on a given day and today's volume is recorded at 4094841.