AbbVie sours on $55B Shire deal after tax changes

SHARE AbbVie sours on $55B Shire deal after tax changes

AbbVie’s board is telling shareholders vote against its own $55 billion takeover bid for the Irish drugmaker Shire after the U.S. made reincorporating overseas a less lucrative tax maneuver.

The company, based in North Chicago, Illinois, said late Wednesday that changes led by the U.S. Treasury Department introduced an “unacceptable level of uncertainty” and eliminated some of the financial benefits.

If Abbvie does walk away, it would be the biggest deal yet that has collapsed after a public backlash and changes in U.S. tax policy.

Read more at Sun-Times Newsfeed.

The Latest
The man was found with stab wounds around 4:15 a.m., police said.
Send a message to criminals: Your actions will have consequences — no matter how much time passes. We can’t legislate all our problems away, but these bills now pending in the Illinois Legislature could pave the way for bringing closure to grieving families.
Matt Eberflus is under more pressure to win than your average coach with the No. 1 overall pick. That’s saying something.
Alexander plays a sleazy lawyer who gets a lifechanging wakeup call in the world premiere comedy at Chicago Shakespeare Theater.
He fears the free-spirited guest, with her ink and underarm hair, will steal focus from the bride and draw ridicule.