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View the article online at http://citywire.co.uk/wealth-manager/article/a749029

Astrazeneca reject Pfizer's 'inadequate' fresh bid

by Danielle Levy on May 02, 2014 at 12:44

Pfizer noted the £50 per share offer represented a 22% premium on Astra's all-time high closing price of £41.03 since formation of the company in 1999. 

Commenting on the proposal, Ian Read, chairman and CEO of Pfizer, said: 'We have seen significant positive market reaction to the announcement we made on April 28, including from the shareholders of both our companies.

'The consistent message we have heard reinforces our belief that there is a highly compelling strategic, business and financial rationale for combining our businesses, with significant benefits for shareholders and stakeholders of both companies.'

He added: 'We believe our proposal is responsive to the views of AstraZeneca shareholders and provides a sound basis upon which to arrive at recommendable terms for the combination of our two companies.'

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2 comments so far. Why not have your say?

Martin Ashworth

May 02, 2014 at 09:35

Remember, that's exactly what the Yanks said when they were trying to buy Cadburys. They "said" they wouldn't close any factories in the UK and would maintain a UK Corporate presence. As soon as the ink was dry, they closed all UK factories, except one, and shipped the whole production to Eastern Europe. Beware Yanks with fat cheque books.

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Anonymous 1 needed this 'off the record'

May 02, 2014 at 11:31

Agree with Martin, they can't be trusted Dave and this time its not just chocolate at stake!

Pfizer couldn't give a sh*t about the UK. They have only just shut Kent with the loss of 2500 jobs.

Viagra was developed in a British lab and then we were shafted. No pun intended.

Their promises are not worth the paper they are written on.

The French don't get much right but we should learn a lesson from them on this one

This must not go ahead. Trouble is I don't think call me Dave has any backbone.

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