Chicago-based pharmaceutical company AbbVie Inc. said it is dropping its $55 billion bid for Irish drug maker Shire, Reuters reported on October 20.
The U.S. drug maker is required to pay Shire a breakup fee of $1.64 billion after deciding to walk away from the acquisition deal. AbbVie’s board of directors decided to pull out from the deal after the U.S. Treasury Department initiated some amendments that would make it more difficult for companies to enjoy lower business tax rates by relocating to another country.
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