proposals which aim to make it buy canada goose jacket cheap

55 bln Shire deal after U

government moves to curb deals designed to cut taxes, wiping as much as $13 billion off Canada Goose Parka the London listed canada goose store firm stock price. proposals which aim to make it buy canada goose jacket cheap harder for American firms to shift their tax bases out of the country and into lower cost jurisdictions in Europe.

AbbVie move for Shire, a leader in drugs to treat attention deficit disorder and rare diseases, was announced in July amid Canada Goose Online a spate of similar takeover deals in the pharmaceutical sector.

The news hammered shares in Shire, sending them down 23 percent, to where they canadian goose jacket were before the deal talks emerged in June. drugmaker Pfizer Inc, fell 2.9 percent. 2018 canada goose outlet Department of Treasury proposed unilateral changes to tax regulations announced last month, and to also consider whether to withdraw or modify its recommendation on the Shire deal. drugmaker might have to pay a breakup fee Canada Goose Jackets of $1.64 billion were it to renege on its recommendation for the deal to shareholders.

board of Shire believes that AbbVie should proceed with the recommended offer on the agreed terms, Shire said in a statement. And the British drugmaker waived a requirement that AbbVie canada goose clearance give it three business days notice before holding the board Canada Goose online meeting.

AbbVie second thoughts on the deal surprised Shire investors, coming just weeks after AbbVie chief executive Richard Gonzalez, in the wake of the Treasury proposals, told employees of both companies he was energized than ever about the cheap Canada Goose transaction.

Moreover, tax advisers had said the Treasury measures Canada Goose Coats On Sale were unlikely to significantly impact most inversion deals.

By domiciling canada goose outlet toronto factory the combined group in Britain, AbbVie would be able to cut its 22 percent tax rate to about 13 percent for the new company. Besides Canada Goose Outlet the tax advantage, canada goose clearance sale Gonzalez said AbbVie was attracted to Shire portfolio of lucrative drugs to treat rare diseases and other medicines in development.

Buying Shire would also reduce AbbVie reliance on arthritis treatment Humira, the world top selling medicine, whose $13 billion in annual sales accounts for more than canadagooseonlineshop 60 percent of company revenue. patent lapses in 2016, AbbVie hopes it will take years for rivals canada goose outlet store locations to develop generic formulations.

POLITICAL HEAT The number of tax inversion deals, particularly in healthcare, have surged in the past year, putting pressure on the Obama administration to clamp down on corporate deals aimed at lowering tax bills. companies to access foreign cash without paying tax in the United States.

Cenkos analyst Navid canada goose coats on sale Malik said AbbVie, by calling for the board meeting, could be playing to win better deal terms.

could have put this out to try and get Shire back to the table to potentially renegotiate, canada goose but canada goose black friday sale I don think that will happen, he said.

AbbVie, by walking away from Shire, would run the risk of finding itself a takeover target by a foreign acquirer with buy canada goose jacket a cost cutting canada goose replica bent, such as Valeant Pharmaceuticals International, said Sanford Bernstein analyst Ronny Gal.

BMO Capital Markets analyst Alex Arfaei maintained his rating on AbbVie, saying it could shrug off the hefty breakup fee if positive trends for the company are seen this year including the launch of a hepatitis C drug Canada Goose sale and favorable canada goose coats data from trials of potential blockbuster treatments for endometriosis and cancer.

Pfizer abandoned its bid related website for AstraZeneca in May after its offer was rejected but, under UK takeover rules, can make another run at its British rival in late November.

Many analysts have speculated Pfizer might indeed re approach AstraZeneca with a higher bid, in hopes of locating the combined company in tax friendlier Britain.

HEDGE FUNDS BURNT Some of the world top hedge fund managers, who had canada goose deals been building up positions betting on future share price gains at Shire due to AbbVie bid interest, faced getting burnt by AbbVie decision.

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