Slaughter and May is advising Shire on its proposed combination with Baxalta. Shire's proposal of an all-stock combination of 0.1687 Shire ADRs for each Baxalta share represents a total enterprise value for Baxalta of US$33.9 billion.

Under the terms of the proposed transaction, Baxalta shareholders would own approximately 37% of the combined Shire group. Promptly after the proposed combination completed, Shire would initiate a share buy-back programme to repurchase, within two years, up to 13% of the post-transaction shares outstanding.

CONTACTS

Corporate and Commercial: Martin Hattrell (partner), Adam Eastell (partner), Harry Hecht (associate); Tax: Tony Beare (partner); Competition: Claire Jeffs (partner)