AstraZeneca’s decision not to engage in possible merger discussions with pharmaceutical rival Pfizer even after an offer upped to $119 billion has caused a riff between AstraZeneca shareholders, reports say.
Significant shareholders of the UK pharmaceutical firm have voiced both their opposition and support for such a merger Wednesday after AstraZeneca said earlier this week that the $119 billion offer still undercut the company’s value.
Amid the controversy, AstraZeneca later announced that under competition law it cannot consider a higher bid from Pfizer unless a rival bidder steps forward.
AZA Group’s UK investment unit, which owns less than 1 percent of the UK company, said the merger should be put up for a vote among shareholders. Legal & General, which owns a larger portion of the company, has reportedly also supported a shareholder vote of the matter.
Some investors, however including Threadneedle Asset Management, support AstraZeneca’s denial of the Pfizer takeover offer.
While AstraZeneca has denied Pfizer’s latest and final bid, the US company still has until Monday to decide whether to forfeit its takeover efforts for good.
Full content: DealBook
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI