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British drug manufacturer Shire Plc. (Nasdaq ADR: SHPG) rejected a $46.35 billion bid from rival AbbVie Inc. (Nasdaq: ABBV). The New York Times reported that Shire's board rejected the proposal because the massive bid "fundamentally undervalued the company and its prospects." As M&A activity continues across the sector, investors shouldn't be surprised to see Shire hike its bid up in the coming weeks.