by Burke Speaker | May 19, 2014 9:23 am
AstraZeneca (AZN) has rejected another bid from Pfizer (PFE) — a reported $119 billion improved takeover offer.
Many speculate that the offer is the final one, and ends the long takeover deals that were repeatedly hammered out as the drugmaker tried to purchase AZN.
In a statement, the board said that it “reiterates its confidence in AstraZeneca’s ability to deliver on its prospects as an independent, science led business.”
Via the Washington Post:
Pfizer Inc., which is the world’s second-biggest drugmaker by revenue, has been courting No. 8 AstraZeneca PLC since January, arguing that their businesses are complementary and would be stronger together. On Sunday, it said it was ready to raise its stock-and-cash offer by 15 percent to $118.8 billion, or 70.73 billion pounds.
AstraZeneca didn’t take long in rejecting the offer, its board arguing that Pfizer is making “an opportunistic attempt to acquire a transformed AstraZeneca, without reflecting the value of its exciting pipeline.”
This is likely to be the final move on Pfizer’s part to purchase AstraZeneca.
“This has been going on for quite some time and we have been in very deep engagement over the whole of the weekend,” AstraZeneca Chairman Leif Johansson told the BBC. “If Pfizer now says this is the final offer I have to believe what they say.”
ANZ stock is down 11% pre-market due to the failed negotiations.
Source URL: http://investorplace.com/2014/05/azn-pfe-astrazeneca-rejects-pfizer-bid/
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