AstraZeneca has reportedly rejected a reported $106 billion buyout offer made by US peer Pfizer last Friday, claiming the bid “substantially” undervalued the company.
According to reports, Pfizer submitted its bid and UK-based AstraZeneca rejected it all in the same day. Should the companies eventually agree on a price tag, such a merger would create the world’s largest pharmaceuticals company, reports say.
Industry experts have suggested that Pfizer could take its offer straight to AstraZeneca shareholders in search of striking a deal. The firm is said to prefer an agreed-upon deal, however, as hostile acquisitions take longer to complete.
AstraZeneca’s dismissal of the offer was not the first such rejection; an earlier offer by Pfizer was also rejected.
Full content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.