Shire board willing to recommend acceptance of new offer from Abbvie

Shire plc announced that following discussions with AbbVie Inc. Shire requested and has received a further revised proposal from AbbVie on 13 July 2014 (the “Revised Proposal”). The Revised Proposal comprises £24.44 in cash and 0.8960 shares of new AbbVie per Shire share. Based on the AbbVie share price on 11 July 2014, AbbVie’s Revised Proposal has an indicative value of £53.20 per Shire share). Under the Revised Proposal, Shire shareholders would own approximately 25 per cent of the combined new AbbVie. The Board of Shire has indicated to AbbVie that it would be willing to recommend an offer at the level of the Revised Proposal to Shire shareholders subject to satisfactory resolution of the other terms of the offer. Accordingly, the Board is in detailed discussions with AbbVie in relation to these terms.The value of the offer is now more than £31 billion, or about $53.7 billion.