Shire says no to Takeda for third time in few weeks

London-listed drugs major Shire has rejected a £44 billion takeover bid from Japanese rival Takeda, but talks between the pair are continuing.

It is the third approach to Irish group Shire from Takeda; the first proposal, worth £41bn, was made on 29 March, with the latest mooted offer yesterday being worth £46.50p a share in cash-and-shares.

However, the Japanese firm said: “Takeda was subsequently notified that the board of Shire had rejected its proposal. Discussions between the parties regarding a potential offer are ongoing.”

The latest move comes days after Shire agreed to sell its oncology business to French firm Servier for $2.4 billion.