Shires share price rose by more than two per cent this morning following the defeat today of a group of rebel investors at Japanese pharma giant Takedas annual general meeting.
The group, who are trying to block Takedas forthcoming $62bn (£47.3bn) acquisition of Shire, had introduced a proposal that would require shareholders to be consulted over large acquisitions.
The group told news agency Reuters that it did not expect its proposal to pass on Thursday and that it is working to persuade the one third of shareholders needed to block another proposal in a later shareholder meeting that will act as a de facto vote on the Shire deal.
Takeda is holding a shareholder meeting later this year to approve an issue of new stock to help fund the deal for London-listed Shire.
A 130 member group of ex-Takeda employees holds one per cent of the companys shares but hopes to rally the one third of shareholders it will need to block the issuance.
Last year the same group tried to stop the appointment of outgoing chair Yasuchika Hasegawa to an advisory position at the company.
Its proposal was defeated at the companys annual general meeting (AGM) but it did gain 30.5 per cent of the vote.
The board of Irish-headquartered Shire conditionally accepted an approach from Takeda at the fifth time of asking last month. If completed, the deal would be the largest overseas acquisition by a Japanese firm.
Shares at Takeda have fallen more than 20 percent since it first said it was considering bidding for Shire.