On 20 June 2014, Shire rejected a takeover attempt by AbbVie . AbbVie offered £ per share (£ billion or $ billion in total).  On 8 July the offer was increased to $ billion.  On 18 July, it was announced that AbbVie would acquire Shire for $ billion.  On 15 October, news broke suggesting AbbVie was reconsidering their proposed takeover deal due to changes in US "Tax Inversion" law  and on 16 October AbbVie's board recommended that shareholders vote against the deal.  This news sent Shire's share price down over 27%, however AbbVie will be subject to a $ billion break up fee, payable to Shire.  On 21 October the merger was called off.