Shares of Shire (SHP) failed to move higher despite AbbVie raising the aggregate amount of its bid to £51.15 from £46.26, showing that investors have little faith in the deal actually going through or in AbbVie’s ability to further increase its offer. Are they correct? Should Abbvie increase its offer again, say by another 10 per cent, that would leave the combined company burdened with a net debt/EBITDA ratio of 2.7.
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