Takeda notes the improved bid represents a 58 percent premium over the closing price of Shire shares on March 23, the day before rumors surfaced about a takeover bid.
Shire, which rebuffed the first three Takeda approaches, saw its shares rise almost 4% in afternoon trading.
The new proposal marks at least the fifth attempt by Takeda to woo Shire since it first expressed interest in a takeover less than four weeks ago. That valued Shire, which is led by Chief Executive Flemming Ornskov, at 44.3 billion pounds ($61.8 billion).
Takeda acknowledged its offer in a brief statement, confirming that the company did make.
However, that deadline can be moved back at the request of the FTSE 100 drugmaker and Takeda had said on Friday it hoped negotiations with Shire would lead to an extension.
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Shire shareholders "would hold a very meaningful stake in a leading global biopharmaceutical company and benefit from the material synergies expected to be derived from the acquisition", it noted.
Last Friday, Takeda had lifted its cash and stock bid to the equivalent of £47 per share.
Shire focuses on treatments for rare diseases and attention deficit hyperactivity disorder.
Shire said in a statement it had agreed to extend a Wednesday regulatory deadline for the deal talks to conclude to May 8 in order to allow Takeda to carry out more due diligence and firm up its bid.
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