NEW YORK (TheStreet) -- Shares of Shire (SHPG) are up 2.04% to $254.1 as AbbVie (ABBV) is reportedly nearing a deal to buy Dublin-based company for over 31 billion GBP, or $53 billion, in what would be one of the largest so-called inversion deals through which U.S. companies are seeking a lower corporate tax burden, the Wall Street Journal reports.
After four days of renewed talks between the two drug makers, Shire said today it received a revised and fifth offer from AbbVie of 53.20 GBP per share over the weekend.
Now, Shire said it would be willing to recommend the deal to its shareholders subject to "satisfactory resolution of the other terms of the offer."
TheStreet Ratings team rates SHIRE PLC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SHIRE PLC (SHPG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, notable return on equity, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."