Pf-AZ bid dead, maybe
May 23, 2014
ASTRAZENECA (AZ) has rejected
Pfizer’s ‘final’ bid of $118b for the
giant firm’s designs on creating
a megagiant pharmaceutical
company.
According to Reuters, the
rejection was communicated to
Pfizer only nine hours after the
offer was made, which saw a
slump in the value of AZ shares by
a further 11%, after a previous fall
of 15%.
Pfizer’s share value on the New
York stock exchange held with a 1%
rise on the news.
A range of scenarios is now
possible: with British laws
preventing any further action by
Pfizer for six months, they could
again make further attempts from
November 2014, or AZ could
re-establish talks with Pfizer to
open negotiations again from late
August, or both companies could
walk away from the proposed
merger, Reuters reported.
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