The board of American drug company AbbVie is walking away from its merger with U.K. rival Shire, making the $55 billion deal the first casualty of the Obama Administration's crackdown on companies seeking to lower their tax bills.
AbbVie's board is recommending shareholders reject the merger because of changes in tax regulations, the company said in a statement.
AbbVie board abandons $55 billion Shire merger - Oct. 16, 2014
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