Takeda acknowledged its offer in a brief statement, confirming that the company did make.
It is understood that the two sides are likely to extend the deadline.
"Shire shareholders would also be entitled to any dividends announced, declared, made or paid by Shire in the ordinary course prior to completion of the possible transaction". Shire added that the deadline could be extended further, if needed.
The bid comes after Allergan was mentioned as a potential rival bidder for Shire late last week, however negative shareholder sentiment quickly forced Allergan's CEO Brent Saunders to rule out making a move for the Dublin-domiciled, UK-registered rare disease company.
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Takeda's fourth proposal was worth £47 per share, £21 of which is cash and £26 in new Takeda shares.
A deal would be the largest ever overseas acquisition by a Japanese company and would propel Takeda, led by Frenchman Christophe Weber, into the top ranks of global drugmakers. Takeda was unavailable for comment.
Shire is based in Ireland but has most of its operations in Lexington and more than 3,000 workers in MA.
The previous offer would have given Shire shareholders a 51% controlling stake in the new Takeda entity, but the firm is now offering more cash, but a smaller 49% holding in the proposed merged company.
Allergan Plc AGN.N , the USA maker of Botox, had been considering a rival bid for Shire but ruled itself out of making an offer last week.