Saying the price is still too low, Shire Plc (SHPG) rejects AbbVie's (ABBV) latest bid of as much as 27.3B pounds ($46.5B). This is the third offer Shire has spurned. The latest offer values Shire at 46.26 pounds, ~12% premium over today's price in London. The proposal includes a new U.S.-listed holding company with a U.K. tax domicile.
SHPG shares are up 11% premarket on moderately high volume.