Pfizer raises bid for AstraZeneca to $145.2 billion
Published on May 19, 2014 6:23 AM
LONDON (AFP) - US drugs giant Pfizer on Sunday announced it had made a final improved bid for British competitor AstraZeneca, valuing the company at £69 billion (S$145.2 billion).
In a letter written from Pfizer Chairman and CEO Ian Read to AstraZeneca Chairman Leif Johansson, the US giant explained Pfizer and AstraZeneca shareholders would own “approximately 73 per cent and 27 per cent, respectively, of the combined company.
“The improved proposal values AstraZeneca today at approximately £69 billion,” it added.
Read insisted that the deal “presents compelling strategic, operational and financial advantages that are in the best interests of all stakeholders.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here