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Shire Rises on SunTrust Report of Imminent Allergan Bid

Shire Plc rose a third consecutive day after an analyst said Allergan Inc. plans to bid for the Anglo-Irish drugmaker as the U.S. competitor seeks to prevent a hostile takeover by Valeant Pharmaceuticals International Inc.

Shire climbed 3.4 percent to close at a record 3,785 pence in London, valuing the company at 22.3 billion pounds ($37.8 billion). The company’s corporate domicile is in Dublin and its principal executive offices are in Basingstoke, England.