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DewDiligence

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Re: jq1234 post# 179557

Tuesday, 07/08/2014 8:56:39 AM

Tuesday, July 08, 2014 8:56:39 AM

Post# of 257288
ABBV raises offer for SHPG by 11% to £22.44 cash plus 0.8568 shares of (new) ABBV for each Shire share, a nominal value of £51.15 ($87.49) based on yesterday’s closing price of ABBV:

http://finance.yahoo.com/news/not-release-publication-distribution-whole-115000187.html

In ABBV’s latest (i.e. fourth) offer, the cash component is only 44% of the total consideration, but ABBV can’t raise this by much (and thereby lower the deal's stock component) without falling below the 20% share-ownership threshold for a tax inversion (#msg-101714163).

In London, Shire is currently trading well below the nominal value of ABBV's latest offer.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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