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Oct 16, 2014 12:47 AM

AbbVie board recommends rejection of $55B takeover

The Associated Press

AbbVie's board is recommending stockholders vote against its $55 billion takeover offer for drugmaker Shire after tax changes reduced the financial advantages of the deal.

The company said in a statement issued late Wednesday that U.S. Treasury Department-led tax changes have introduced an "unacceptable level of uncertainty" to the transaction and eliminated some of its financial benefits.

North Chicago, Illinois-based AbbVie Inc. announced on Tuesday that it was having second thoughts after the government created new limitations on the tax benefits of incorporating overseas.


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