Although Dublin-based Shire plc has rejected AbbVie Inc.’s $46 billion purchase offer, the U.S. pharmaceutical company has not given up its pursuit of Shire, AbbVie said in a statement on Wednesday.
Merging with the Irish drug maker would let AbbVie relocate abroad and thus lower its tax rate via a so-called inversion transaction, The New York Times’ DealBook reported. AbbVie predicted that, after a combination with Shire, its tax rate would be close to 13 percent, much lower than the rates paid by its U.S. competitors. The joint AbbVie and Shire company would be listed in the United Kingdom and on the New York Stock Exchange, The New York Times said.
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