AstraZeneca rejects Pfizer's final $146.2 billion bid
Published on May 20, 2014 12:42 AM
LONDON (AFP) - British drugmaker AstraZeneca on Monday rejected a "final" US$117-billion (S$146.2 billion) takeover bid from US rival Pfizer, appearing to put an end to a deal that would have created a sector giant.
Pfizer lodged a fourth and final offer worth 85 billion euros or £69 billion on Sunday, pitched at £55 per share, and said it would not proceed without a recommendation from management.
"The fate of the deal is now up to AstraZeneca's shareholders. We believe our final proposal represents compelling and full value for AstraZeneca shareholders," Pfizer said in a statement on Monday.
With prospects of a deal dying fast, AstraZeneca's share price tumbled by as much as 15 per cent in Monday trades.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!