AbbVie proposes $46bn bid for Shire; fifth offer of $53.3bn accepted; deal terminated in response to new US tax code

On the heels of Pfizer Inc.’s failed takeover attempt of AstraZeneca PLC, AbbVie Inc. proposed to pay $46bn (£27bn) for Shire PLC, whose stockholders would receive $34.78 in cash and 0.7988 ordinary AbbVie shares for each share held (worth $78.07, a 58% discount). (AbbVie’s initial offer on May 5th valued each Shire share at $65.72 and its second bid on May 14th was $67.35.)