Shire rejects bid from AbbVie

Shire plc notes the announcement made by AbbVie Inc. and confirms that on 30 May 2014, Shire received an unsolicited and highly conditional proposal from AbbVie regarding a possible cash and share offer for Shire. This Proposal has been rejected. The Proposal comprised £20.44 in cash and 0.7988 AbbVie shares per Shire share. The Proposal involved a new US listed holding company with a UK tax domicile. Based on AbbVie’s 30 day volume weighted average share price of US$54.10, the Proposal represents a value of £46.11 per Shire share (comprising 44% cash and 56% AbbVie shares). The Proposal represents: A premium of 23% to Shire’s share price of £37.38 on 19 June 2014 (the business day prior to this announcement); and a premium of 30% to Shire’s 30 day volume weighted average share price of £35.43.