Takeda shares down 3 percent after Shire rejects $63 billion offer

TOKYO (Reuters) - Japan's Takeda Pharmaceutical Co Ltd <4502.T> shares were down 3 percent in morning trading in Tokyo on Friday after rare disease drug maker Shire Plc rejected its $63 billion cash-and-stock acquisition offer.

Shire said it had received three conditional proposals from Takeda, but said they significantly undervalued the company's growth prospects and drugs in development.

Botox maker Allergan Plc also said it was considering an offer for Shire before reversing course on pursuing a rival bid.

Under UK takeover rules, Takeda has until April 25 to make a firm offer or walk away, after it said last month it was considering a bid.

 

(Reporting by Sam Nussey; Editing by Michael Perry)