AstraZeneca rejects Pfizer's 'final' bid
Published on May 19, 2014 at 12:39 PM
The British drug maker rejected a takeover bid from New York-based Pfizer in a deal that would have led to the world's largest drug company.
The Wall Street Journal: AstraZeneca Rejects Pfizer's New Higher Offer
While the rejection is a major setback in any potential deal between the two drug giants, U.K. takeover rules give Pfizer and AstraZeneca until May 26-;a month from the confirmation of Pfizer's earlier approach-;to enter takeover discussions. That allows time for any investors dismayed with AstraZeneca's 12% share-price fall Monday to push the board to engage in talks (Plumridge, 5/19).
USA Today: Britain's AstraZeneca Rejects 'Final' Pfizer Bid
British drug maker AstraZeneca rejected Monday what its New York-based rival Pfizer called over the weekend its "final" takeover offer. In a statement, AstraZeneca's board cited the "uncertainty and risks" for shareholders as a reason for the rejection, which came just hours after the maker of the erectile-dysfunction drug Viagra had upped the value of its bid to 55 pounds (around $93) a share in a deal that would have led to the world's largest drug company (Hjelmgaard, 5/19).
The Associated Press: AstraZeneca Rejects $119-Billion Offer From Pfizer
In a statement released Monday, AstraZeneca's board said it "reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business" (5/19).
This article was reprinted from kaiserhealthnews.org with permission from the Henry J. Kaiser Family Foundation. Kaiser Health News, an editorially independent news service, is a program of the Kaiser Family Foundation, a nonpartisan health care policy research organization unaffiliated with Kaiser Permanente.