Shire has agreed to the merger which will give its shareholders
The terms of merger give an indicative value of
Under the terms of the deal, Shire shareholders will own around 25% of the new company.
The agreement comes after a series of proposals from
The combined market cap of the merged companies would be approximately
Shire's board has recommended that shareholders vote in favour of the merger, and its directors have irrevocably undertaken to do so in respects of their own holdings of less than 1%.
Importantly, it also expects the merger to reduce its effective tax rate by around 13% in 2016. The new company will be incorporated in Jersey, where Shire is currently incorporated, and it will be listed on the
"The combination of
"We believe that this offer reflects the substantial value that we have already created for Shire's shareholders and the strength of our future prospects," said Shire Chairman
Shares in Shire were trading up 2.6% at
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