Reuters: Shire Close To Acquiring Baxalta, Cites Company's Revised Cash Offer

Shares of Baxalta Inc BXLT surged higher early Tuesday afternoon after Reuters reported that Shire PLC (ADR) SHPG is now "closer" to acquiring the company. According to Reuters, Shire presented an acquisition offer to Baxalta that is "roughly in line" with Baxalta's valuation expectations. The publication added that a deal is likely in the coming weeks. Reuters also added that Shire has added enough cash to its prior all-stock offer for the negotiations to "advance." Finally, Reuters, citing "people familiar with the mater," pointed out that any potential deal would value Baxalta in excess of $30 billion. Baxalta's trading price of $39.62 (up 4.10 percent on the day) during Tuesday's early afternoon session implied a market value of $27.26 billion.