Philly.com Suggests Shire Takeover Attempt May Turn Hostile

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Shire Pharma's Exton office

An intense desire to pay lower taxes has put a bull’s-eye on Shire, which operates offices in Wayne and Exton — even if Shire shareholders don’t like it.

A hostile takeover is not out of the question if Chicago-based biopharmaceutical company AbbVie’s $46.5 billion buyout offer is rejected, according to a Philly.com report.

“We’re not willing to restrict our legal options,” AbbVie CEO Richard Gonzalez said in the article.

The underlying motivation, the news story states, is slashing AbbVie’s taxes from about 22 percent to 13 percent by taking advantage of Shire’s Dublin, Ireland, tax headquarters. The buyout would also speed up growth in sales.

Read more about the takeover bid and the political implications of the tax inversion trend on Philly.com here.

Previous coverage of Abbvie’s takeover attempt on Chesco Business Today here.

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