Strict British takeover rules has forced AbbVie (ABBV) to retract comments made yesterday by CEO Richard Gonzalez. In reference to the company's takeover bid for Shire (SHPG), Gonzalez announced that he believed major Shire investors were "generally supportive for the transaction." However, U.K. Takeover Panel rules state that a company cannot declare this claim unless it has it in writing from shareholders.
AbbVie raised its offer for Shire to $51.3B yesterday. The latter has until July 18 to take up the offer.