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AbbVie (ABBV) Forced To Retract Claims Of Shire Investor Support


7/9/2014 7:36:17 AM

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(Reuters) - U.S. drugmaker AbbVie has been forced to retract comments by its chief executive about shareholder support for its $51 billion (29.80 billion pounds) bid for Shire after being caught out by British takeover rules.

Chief Executive Richard Gonzalez told Reuters in an interview on Tuesday he believed major Shire investors were "generally supportive of this transaction" - a comment he repeated in conversations with other media.

Under Takeover Panel rules, designed to ensure fair treatment for all investors, a company attempting to acquire a rival is not allowed to claim support for its bid unless it has this in writing from shareholders.

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