Deals
AbbVie to Buy Shire for $54.8 Billion in Tax Inversion
A pharmacist removes a box of Shire Resolor 1mg prolonged film-coated tablets, produced by Shire Plc, in London.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
AbbVie Inc. and Shire Plc’s $54.8 billion (32 billion pound) deal will make AbbVie the largest U.S. company to move its legal address abroad to lower its taxes as U.S. lawmakers seek ways to curb the transactions.
Shire holders will get cash and stock valued at 52.48 pounds a share, the companies said yesterday in a statement. The price is 53 percent above Shire’s closing level on May 2, before AbbVie made its first takeover proposal.