US/UK: $106B not good enough for AstraZeneca

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

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