(MENAFN) Baxalta Inc rejected an unwelcomed USD30 billion takeover bid from pharmaceutical company Shire PLC, saying the offer is not in the best interests of Baxalta or its shareholders.
Baxalta, which was spun off from healthcare company Baxter International Inc in early July, noted that it received this same proposal privately from Shire on July 10 of the current year.
Ireland-based Shire had confirmed earlier that it made a proposal in July to acquire Baxalta and combine the two companies in an all-stock transaction valued at about USD30 billion.
"The board today reaffirmed its conclusion that Shire's proposal significantly undervalues Baxalta and its attractive prospects for growth and value creation," Chairman of the board of Baxalta said.
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