Market Overview

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


Shares of Baxalta Inc (NYSE: BXLT) surged higher early Tuesday afternoon after Reuters reported Shire PLC (ADR) (NASDAQ: 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, citing "people familiar with the mater," the publication pointed out that any potential deal would value Baxalta in excess of $30 billion.

Baxalta's trading price of $39.62 (up 4.1 percent on the day) on Tuesday afternoon implied a market value of $27.26 billion.

Posted-In: Baxalta Reuters ShireM&A News Rumors Intraday Update Movers


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