Shire board says yes to takeover

The board of pharmaceutical giant Shire has recommended a £46 billion takeover bid from Japan’s Takeda.

It comes after Takeda tabled several offers that were rejected by the Irish-based firm. Takeda’s latest proposal is worth £49 per share, £21.75 of which is cash and £27.26 in new Takeda shares. At completion, Shire investors would own some 50 per cent of the new entity.