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Shire says AbbVie offer undervalues group

Reuters - UK Focus

LONDON, June 20 (Reuters) - British drugmaker Shire (Dusseldorf: S7E.DU - news) said it rejected a takeover proposal from U.S. group AbbVie (Berlin: 4AB.BE - news) because it undervalued the company and its growth prospects.

Shire (LSE: SHP.L - news) said the proposals would deny its shareholders the full benefits of its strategy and warned it also had concerns regarding the execution risks associated with the move to base its tax domicile in the UK.

The company said it expected to more than double its 2013 annual product sales to $10 billion by 2020 and advised its shareholders to take no action in relation to the takeover bid. (Reporting by Li-mei Hoang; editing by Kate Holton)