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Fly News Breaks for December 21, 2015
SHPG, BXLT
Dec 21, 2015 | 07:43 EDT
Jefferies analyst David Steinberg points out that Shire (SHPG), per media reports, may alter its all-equity bid for Baxalta (BXLT) to include GBP 8B, or $11.9B, of cash. If the exchange ratio stays the same, Baxalta would be valued at $51 per share should Shire add the cash to its takeover offer, Steinberg tells investors in a research note. Such a deal could be 3%-5% accretive to Shire's earnings from FY17-FY20, the analyst estimates. Baxalta closed Friday up $1.17 to $38.39.
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