Deals
AbbVie Board Recommends Holders Vote Against Shire Deal
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AbbVie Inc.’s board recommended that shareholders vote against a 32.5 billion-pound ($52 billion) takeover of Shire Plc, saying tax-rule changes would undermine the deal’s rationale. Shire shares plunged for a second day.
“Although the strategic rationale of combining our two companies remains strong, 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 Officer Richard A. Gonzalez said in a statement.