Japanese drugmaker Takeda has hiked its bid for Shire, also increasing the cash part of the deal. In its latest proposal, made on Apr. 20, Takeda has offered £47 per share, valuing the Ireland-domiciled group at £42.8 billion.

The offer comprises £21 in cash and £26 of new Takeda shares, which will be listed in Japan and in the US through an ADR listing. Shire shareholders would own around 49% of the new group, based on the Osaka-headquartered group’s current market capitalization.

Takeda’s latest offer represents a premium of about 58% to Shire’s closing share price on Mar. 23, the last date prior to market rumors affecting the value. Since it proposed £44 per share on Mar. 29, the company has steadily increased its bids, first to £45.50 and then to £46.50. Shire has rejected each one.

According to Takeda, the new proposal represents “a highly compelling opportunity for Shire shareholders, which reflects a further increase in value and a material increase in the cash component of the consideration mix.”

In contrast, British newspaper Financial Times (FT) said Takeda’s changed terms may still not convince some investors. Paul Major, fund manager at BB Healthcare Trust, which has 5.7% of its £280 million fund invested in Shire, told the FT: “Our sense of it is [the markets] would probably have preferred Takeda to have increased the cash component more, rather than increased the price. Clearly the issue for UK and US investors is the significant element that is in Japanese shares.”

Shire’s board said it is considering its position with respect to this fourth proposal and would issue a further announcement in due course. Earlier this month, Shire agreed to sell its oncology business to France’s Servier for $2.4 billion.