Credit: Reuters/Brendan McDermid
A screen displays the share price for pharmaceutical maker AbbVie on the floor of the New York Stock Exchange July 18, 2014.
'The agreed upon valuation is no longer supported as a result of the changes to the tax rules and we did not believe it was in the best interests of our stockholders to proceed,' AbbVie Chief Executive Richard Gonzalez said in a statement.
Chicago-based AbbVie had previously been eager to buy Shire, partly due to the opportunity to reduce its U.S. tax bill by moving its tax base to Britain.
(Reporting By Aurindom Mukherjee in Bangalore; Editing by Gopakumar Warrier)
Posted by Unknown on Thursday, October 16, 2014 - Rating: 4.5
Thank You for Visiting AbbVie board turns against $55 billion Shire acquisition.
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