Nice to not need you

19 May 2014 By Robert Cyran Follow @rob_cyran

Not many companies could back off an aggressive 12-digit shopping spree with credibility intact. But with its offer for AstraZeneca rejected, Pfizer’s shares are roughly back where they started. Its pre-existing plan to eventually break itself up makes the UK deal look optional.

This content is for Subscribers only

Context News

UK-based AstraZeneca on May 18 rejected a cash and share offer worth 70 billion pounds (nearly $120 billion) from pharmaceutical rival Pfizer. The U.S. group said its new offer was final and could not be increased. It said it would not make a hostile offer directly to AstraZeneca shareholders and would only proceed with an offer with the recommendation of the AstraZeneca board.

Pfizer made an initial bid worth $99 billion in April, and then raised its offer to $106 billion in early May.

Email a friend

Please complete the form below.

Required fields *