Is Takeda's Rumored Buyout of Shire Smart?

Takeda (NASDAQOTH: TKPYY)announced in March that it's considering making an offer to buy Shire (NASDAQ: SHPG), and according to U.K. rules, the Japanese drug giant has until April 25, 2018, to submit a bid or walk away. A Takeda-Shire deal would about double Takeda's revenue, but with Shire's enterprise value exceeding Takeda's, this would be more of a merger between equals than an outright acquisition.