US/UK: $119B still not good enough for AstraZeneca

US pharmaceutical giant Pfizer has offered what it said would be its bid to acquire UK rival AstraZeneca, but its $119 billion proposal was turned down.

Reports say AstraZeneca rejected the bid just hours after it was introduced by Pfizer, despite Pfizer’s deadline for AstraZeneca to respond to the bid by May 26.

In a statement, AstraZeneca described the latest offer as a “minor improvement” from the last, which was made for $106 billion.

Despite the rejection, reports say Pfizer was not optimistic ahead of submitting its bid, and said it would not make a hostile takeover offer to AstraZeneca shareholders. In a statement, Pfizer CEO Ian Read said the company does not believe “that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price.” The company added that it would remain open to further dialogue with the UK firm.

The merger would have created the world’s largest pharmaceutical company.’’

Full content: Yahoo News

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