Takeda has put forward a new proposed bid for Shire, increasing the cash portion of the deal. The fourth proposal comprises £26 per share in new Takeda shares, to be listed in Japan and in the US through an ADR listing, and £21 per share in cash, representing a potential value of £47 per share and approximately £44 billion for the total issued and to be issued share capital of the company.

Based on Takeda’s current market capitalization, Shire shareholders would own approximately 49% of the new group.

The new proposal represents a premium of around 58% to Shire’s closing share price on March 23, before rumours of the deal affected the numbers. It replaces an earlier possible offer of £28.75 per share in new Takeda shares and £17.75 per share in cash, representing a potential value of £46.50 per share and around £44 billion for the total.

Shire’s board said it is now considering its position on the latest proposal, and will issue a further announcement “in due course”.