AbbVie's acquisition of Allergan approved by High Court of Ireland

Allergan today announced that the High Court of Ireland has approved its proposed acquisition by AbbVie, by means of a scheme of arrangement. The arrangement for the roughly $63 billion dollar falls under Chapter 1 of Part 9 of the Irish Companies Act 2014. 

The Court sanction hearing in relation to the scheme was held earlier today at which the Court sanctioned the scheme and confirmed the related reduction of capital.

Completion of the acquisition remains subject to the delivery to, and registration by, the registrar of companies in Ireland of copies of the order of the court sanctioning the scheme and confirming the related reduction of capital; and the minute required by Section 86 of the Act in respect of the reduction of capital, each of which is expected to occur on May 8.

The scheme is expected to take effect on May 8.