Shire’s (LON:SHP) share price rose on Thursday, after a group of Takeda shareholders failed to pass a proposal to defeat the company’s proposed $62 billion takeover of the Irish pharmaceutical company.
130 ex-Takeda employees hold one per cent of the company’s shares and have previously tried to use their influence to sway the actions to the Takeda board. The group had hoped to rally one third of shareholders in order to block the proposed takeover by Takeda, but was defeated at the company’s annual general meeting.
However, according to Reuters it did not expect the motion to pass, and are working on rallying another third of shareholders against the proposed acquisition. Last year the same group tried to stop the appointment of outgoing chair Yasuchika Hasegawa to an advisory position at the company.
Shire shares were boosted by the defeat on Thursday, becoming one of the bigget risers on the FTSE 100 and are currently trading up 2.17 percent at £41.83 (1115GMT).
