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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Pfizer offer of $117 Billion Rejected By AstraZeneca Again!

Pfizer who is currently trying to buy AstraZeneca got rejected again. Sort of like a teenage boy asking a girl out type of rejection. Pfizer who has been trying for some time now to buy the British pharmaceutical brand in an effort to better itself by having their headquarters in New York, and a tax base in London.

According to Reuters and New York Times, AstraZeneca Chairman Leif Johansson said “he had made clear in discussions with Pfizer that his board could only recommend a bid that was at least 10 percent above an offer of 53.50 pounds made by Pfizer on Friday, or 58.85 pounds.”

AstraZeneca has rejected four different proposals so far made my Pfizer, all because the valuation was too low, and they believed that because the buyouts were driven only by potential costs savings and tax minimizations. The workers of AstraZeneca might then have been laid off, even though Pfizer made assurances that it would not be doing that. But we all know how things change and adjustments have to be made accordingly, is the nicest way of putting it.

This latest rejection of around $55 pounds per share has made some top investors and investment management firms very dissatisfied. With one top-10 investor telling Reuters “We do not think the Astra management have done a good job on behalf of shareholders.” Alastair Gunn, from Jupiter Fund management also has a negative view of this rejection saying that “We are disappointed the board of AstraZeneca has rejected Pfizer’s latest offer so categorically. They should have at least engaged in a constructive conversation with Pfizer.”

In regards to the offer, Ian Read one of the Chief Executives of Pfizer told the Wall Street Journal “They can either accept it or reject it,” “They have until the 26th of May.” So it is a waiting game, will AstraZeneca start talks because it will see that this is the best option for it? Or will Pfizer do something that it said it wouldn’t and again raise their offer to start the takeover talks and move forward in the buyout plans.

Teenage drama on a billion dollar scale, will the pretty girl see that there is no one better out there, or will the guy keep trying to impress her and fold to her demands? May 26th isn’t Valentine’s Day, but it could be the day of romance in the pharmaceutical industry.



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