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Pfizer walks away from $148 billion AstraZeneca takeover attempt

Published on May 26, 2014 11:44 PM

LONDON/NEW YORK (REUTERS) - Pfizer said on Monday it had abandoned its current attempt to buy AstraZeneca for nearly 70 billion pounds (S$$148 billion) as a deadline approached without a last-minute change of heart by the British drugmaker.

Pfizer had until 5.00 pm (midnight, Singapore time) on May 26 to make a firm offer or walk away, under UK takeover rules.

Its decision to quit the stage, at least for now, had been widely expected after AstraZeneca refused its final offer of 55 pounds a share.

"Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," Pfizer said in a short news release.

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