Shire’s Board has notified Takeda that it would be “willing to recommend" the latter’s latest merger proposal to shareholders, which is now valued at £46 billion pounds.

Takeda’s current bid implies an equivalent value of around £49 per Shire ordinary share, comprised of around £27.26 in new Takeda shares and

£21.75 in cash.

At completion, Shire shareholders would own around 50 percent of the new group, with shares listed in Japan and in the US through an ADR programme.

Shire noted that the making of any firm offer by Takeda would be subject to agreement of certain other terms of the latest proposal, completion of a due diligence review by Takeda, the unanimous recommendation of the Board of Shire, and final approval by the Japanese drugmaker.