Irish pharmaceutical company Shire has engaged FTI Consulting for communications counsel as it turns aside a $46.5B takeover offer from London-based AbbVie.
Shire, which is based in Dublin with executive offices in England and a CEO based in Massachusetts, today said it rejected the May 30 offer, the third in a series of bids by North Chicago-based Abbvie, which seeks a US-listed holding company and UK tax domicile. After meeting with Abbvie executives, Shire's board said the offer "fundamentally undervalued the company and its prospects" and expressed concern about Abbvie's bid to move to the UK for tax purposes.
AbbVie's latest offer was a 23% premium over Shire's June 19 share price.
Stephanie Fagan Oey is senior VP and head of communications and PA for Shire in the US, based in Lexington, Mass. FTI consulting is supporting Shire's PR and advising the company via London and the US, including senior managing director David Roady and senior director Robert Stanislaro in New York.
AbbVie, which separated from Abbot Laboratories in 2013, has not yet been reached about outside counsel. Jennifer Smoter is VP of public affairs and brand for the company in North Chicago.
Before Shire acknowledged its rejection of the deal June 20, AbbVie confirmed media reports of an offer and Shire's repudiation in June 19 press release.