Market Overview

Shire Shares Volatile Surrounding Speculation And Confirmation Of AbbVie Meeting

Shares of Shire plc (NASDAQ: SHPG) have been volatile amid media speculation and company statements surrounding meetings with AbbVie (NYSE: ABBV).

Shire shares spiked higher following a Bloomberg report that the company would hold talks with AbbVie following the boosted offer. The stock jumped to $252.195, up 5.69 percent from Thursday's close of $238.61.

Just before 2:00 p.m. ET, Shire released a press release regarding recent speculation. The company wrote that they acknowledge the Bloomberg note and "confirms it has held a meeting with representatives of AbbVie."

The statement added, "A further update will be made when appropriate. Shareholders are strongly advised to take no action in relation to AbbVie's proposal. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made."

Following the response, shares jumped to the day's high of $252.98, up 6.02 percent from Thursday's close.

Shire shareholders were in for a surprise when shares plummeted 3.6 percent from the day's high to $244.11 on news of the meeting's results. Dow Jones reported that the meeting didn't result in any commitment for further talks, according to sources.

Shares of Shire closed Friday at $249.06, up 4.38 percent.

Posted-In: News Offerings Management M&A Hot

 

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