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Pfizer walks away from AstraZeneca bid

1:41 PM MDT | May 27, 2014 | Natasha Alperowicz

Pfizer confirmed today that its “informal” offer to acquire AstraZeneca for £69.4 billion (117 billion) has lapsed and that it was consequently withdrawing the offer. This decision follows the expiry, at 5:00 pm BST, of a 28-day “put up or shut up” deadline under UK takeover rules by which Pfizer was required to make a firm offer to AstraZeneca shareholders. Pfizer made an “informal” but “final” offer of £55/share in cash and Pfizer shares on 19 May for AstraZeneca; that offer was rejected by the UK...

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