The proposed Takeda takeover of Shire received the required shareholder votes to put the acquisition into effect, allowing the company to complete its proposed purchase of Shire.
The vote concluded with 88% of Takeda's shareholders exercising their votes in respect for the proposed takeover.
According to Takeda, the proposed debt burden was an important consideration for investors to vote on. The ‘burden’ takes the form of the company’s $30.9bn (€27.5bn) bridge loan needed to finance the acquisition.
Now that shareholders have expressed approval of the deal, the acquisition can close in the coming weeks.
Shire shareholders also agreed to the proposed takeover and now it must be approved by the Jersey court, where Shire has its registered offices in the UK, on January 3, 2019. The deal is expected to be complete and take place on January 8, 2019.
European regulators also gave the proposed acquisition a thumbs-up – subject to the divestment of a Shire drug in development.
The proposed appointment of three of Shire’s existing external directors, Ian Clark, Olivier Bohoun, and Steven Gills, to the Takeda Board was also approved by at least 87% of Takeda shareholders.
In a statement, Christophe Weber, president, and CEO of Takeda said, “With shareholder approval secured, we are looking forward to closing the acquisition in the coming weeks.”
The acquisition will see Takeda become the only pharmaceutical company to be listed on both the Tokyo Stock Exchange, in Japan, and the New York Stock Exchange, in the US.
Subject to the deal closing, Takeda expects recurring pre-tax cost synergies to reach at least $1.4bn annually.