Baxalta Gains on Report Shire Is Preparing New Takeover Offerby
The new bid may include cash and stock, Reuters said, citing a person familiar with the matter. Shire is working with Morgan Stanley, Evercore and Deutsche Bank to craft the proposal, the news outlet said.
Baxalta shares rose 9.4 percent to $36.69 at 3:22 p.m. in New York, after earlier rising as much as 12 percent in their biggest intraday gain since Aug. 4. Shire made an unsolicited offer earlier this year to acquire the company for about $30 billion in stock, a price Baxalta rejected as too low.
Albert Liao, a Baxalta spokesman, had no immediate comment. Michele Galen, a Shire spokeswoman, didn’t immediately respond to a call seeking comment.