Shire Shares Plummet On Possible Buyout Cancellation

Shares of Shire PLC ADR SHPG fell massively in Wednesday's premarket following the announcement that AbbVie Inc ABBV will reconsider its offer to buy Shire.

The AbbVie takeover offer of $45 billion is now less attractive as new Treasury rules on corporate inversions have made the deal less lucrative.

Shares of Shire PLC closed Tuesday’s session at $244.57 and were last trading at $185.56, down 24 percent.