A trio of past and present Shire executives could take home more than £60 million from long-term bonus schemes after the FTSE 100 drugs company accepted, in principle, a tax-driven takeover by an American rival.
After a weekend of frenetic negotiations, Shire’s board agreed to sell for £31.4 billion to AbbVie, a Chicago-based specialist in treating arthritis, which has been courting the British-founded business for six weeks. A formal deal is likely this week.
The £53.20-a-share buyout sent Shire’s shares rocketing and will make the drugs company the biggest victim yet of so-called “inversion” takeovers by American bidders, which are structured to take advantage of Britain’s lower rate of corporation tax.
Several senior figures at Shire stand to make a fortune out of the deal.