NEW YORK (TheStreet) -- Shares of Shire (SHPG) are up 1.50% to $253. on heavy trading volume after it was reported that the Dublin-based drugmaker and Chicago-based AbbVie (ABBV) plan to announce a $53 billion merger as soon as tomorrow, sources told Reuters.
Earlier this week, Shire said it was ready to recommend a deal to shareholders after AbbVie upped its offer.
Under British takeover rules, AbbVie has until July 18 to announce a firm offer for Shire, extend the deadline for an offer, or walk away, Reuters noted.
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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."