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LONDON (AP) — The Dublin-based drugmaker Shire said Friday it has rejected an unsolicited 27 billion-pound ($46.2 billion) offer from AbbVie Inc., arguing that it fundamentally undervalues the company and its prospects.

The company said in a statement Friday that U.S.-based AbbVie's proposal was for 20.44 pounds ($34.78) and 0.7988 shares per Shire share. That values Shire stock at 46.11 pounds each — a 23 percent premium to its price of 37.38 pounds on Thursday.

Based on the number of outstanding shares in the company, the deal values Shire at 27.1 billion pounds.

Besides the price, Shire PLC says its board also has concerns about company structure "as AbbVie would redomicile in the UK for tax purposes."

The offer comes at a time of intense speculation in the industry, as drugmakers look to grow or eliminate noncore assets while focusing on strengths.

Last month, Pfizer pulled the plug on a takeover offer for Anglo-Swedish AstraZeneca, amid intense political pressure to keep jobs in Britain.

SPIELBERG, Austria (AP) — Nico Rosberg and Lewis Hamilton had the fastest laps as Mercedes dominated the first practice for the Austrian Grand Prix on Friday, while Sebastian Vettel escaped damage to his Red Bull after spinning twice on the grass.

Rosberg's best time on the 4.3-kilometer Red Bull Ring was 1 minute, 11.295 seconds, beating teammate Hamilton's fastest lap by 0.140.

Vettel managed only 15th but brought his car back to the garage undamaged following his spectacular incident in the final turn on the team's home track. After spinning twice, the car came to a standstill on the track again.

Vettel's teammate, Daniel Ricciardo, who finished practice in 13th coming off his maiden Formula One win at the Canadian GP, also spun on the same spot shortly afterward.

"They were just warming up the crowd," Red Bull team boss Christian Horner joked.

"We are trying to find out the limit, and both just came on the grass," said Horner, adding the track was still lacking enough grip during the first session. "There was also a little bit of rain in the air. Thankfully everything is fine."

Rosberg quit practice after 19 laps with a minor problem to his hybrid engine.

"We know what it is and we just wanted enough time to fix in time for the afternoon's practice," Mercedes team boss Toto Wolff said.

Rosberg leads Hamilton in the drivers' standings by 140-118 points going into Sunday's race, the first GP in Austria since 2003.

Ferrari's Fernando Alonso, who posted the fastest time in opening practice four times this season, trailed Rosberg by 0.311 in third. Alonso is one of just four drivers who have raced on the track before, alongside McLaren's Jenson Button, Ferrari's Kimi Raikkonen and Williams' Filipe Massa.

Massa and Button were fourth and fifth respectively.

MADISON, Wis. (AP) — Newly released documents show prosecutors are alleging Wisconsin Gov. Scott Walker was at the center of a nationwide "criminal scheme" to illegally coordinate with outside conservative groups.

The documents were filed as part of an ongoing lawsuit challenging the probe by the conservative group Wisconsin Club for Growth. They were ordered publicly released Thursday by a federal appeals court judge after prosecutors and the Wisconsin Club for Growth did not object.

One of the filings from prosecutors outlines previously unknown details about the investigation that began in 2012 as Walker was facing a recall election.

Prosecutors say Walker, his chief of staff and others who worked for him were discussing illegal coordination with a number of national groups and prominent figures, including GOP strategist Karl Rove.

TOKYO (AP) — The study that led Japan to apologize in 1993 for forcing Asian women into wartime prostitution was confirmed as valid by a parliament-appointed panel Friday after South Korea and China slammed the review as an attempt to discredit historical evidence of such abuses.

Officials said Japan stood by its earlier pledge not to change the landmark apology.

"We concluded that the content of the study was valid," said lawyer Keiichi Tadaki, who headed the five-member panel that reviewed about 250 sets of documents used for the government study that was the basis of the 1993 apology.

The new investigation focused on how the study, which included interviews with 16 former Korean victims, was conducted, not its historical findings. But any discussion of bitter World War II history is sensitive, especially when Japan's relations with its two closest neighbors are soured by territorial disputes.

The panel started its study in April after a top bureaucrat who helped in the 1993 study questioned the authenticity of the interviews, while suggesting Seoul possibly pressured Tokyo into acknowledging the women were coerced.

Tadaki, who briefed the contents of the report, said Japan had enough evidence from other documents to produce the apology and that the hearings of the women were supplementary and intended to show Japan's compassion rather than to verify historical evidence. His team's report acknowledged Tokyo and Seoul negotiated at length over the wording but that did not distort historical facts mentioned in the apology.

Historians say 80,000 to 200,000 women from across Asia, many of them Koreans, were forced to provide sex to Japan's front-line soldiers. Japanese nationalists contend that women in wartime brothels were voluntary prostitutes, not sex slaves, and that Japan has been unfairly criticized for a practice they say is common in any country at war.

Abe himself has been criticized by South Korea and China for backpedaling from past Japanese apologies and acknowledgements of wartime atrocities.

Japanese officials interviewed 16 of such women in 1993 at South Korea's request as part of an investigation that led to the apology by then-Chief Cabinet Secretary Yohei Kono, and known as "the Kono statement," which acknowledged many women were forced into prostitution for Japan's wartime military.

Government spokesman Yoshihide Suga reiterated Prime Minister Shinzo Abe's pledge not to revise the 1993 apology, saying that evaluation of the historical evidence should be left up to historians and scholars.

"Japan's relations with South Korea are extremely important and we will try to explain this issue to gain understanding," Suga said.

A reversal of the apology would have worsened strained relations in the region.

Adding to the ire, the South Korean navy on Friday conducted live-fire exercises in seas near islands that are claimed by both countries. Top Japanese officials protested the drills, but South Korean officials said the exercises were routine and rejected Tokyo's demands to cancel them.

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Associated Press writers Jung-yoon Choi in Seoul and Elaine Kurtenbach in Tokyo contributed to this report.

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