Friday, 25 April 2014

Shire share price: Sources say company rejects Allergan’s takeover approach

Otmane El Rhazi, Friday, April 25: Dublin-based pharmaceutical group Shire (LON:SHP) has rejected a takeover approach from American Botox maker Allergan (NYSE:AGN), Reuters today reported, citing inside sources.

The unconfirmed bid is said to represent the latest example of a US drugmaker seeking to buy an overseas rival in recent months. Among the incentives for acquiring Shire are the substantially lower Irish taxes than in most countries. At 12.5 percent, Ireland’s corporate taxes are far below the 35 percent in the US, while patents lodged in Ireland are tax free.

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