written on 30.06.2014

Shire CEO's buyout plans thwarted when AbbVie came calling


Shire CEO Flemming Ornskov is none too happy about AbbVie's repeated attempts to buy his company for $46 billion. Shire has snubbed AbbVie's advances three times since April, and under U.K. takeover rules, the Chicago company has until July 18 to make another bid or leave the Irish company alone. Problem is, AbbVie's ongoing pursuit is preventing Shire from making acquisitions of its own–a goal the company had been pursuing aggressively.