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AstraZeneca board rejects Pfizer's sweetened proposal

5:57 AM MDT | May 2, 2014 | Natasha Alperowicz

AstraZeneca says that its board today rejected Pfizer’s proposal to combine the two firms. “The financial and other terms described in the proposal are inadequate, substantially undervalue AstraZeneca, and are not a basis on which to engage with Pfizer. The large proportion of the consideration payable in Pfizer shares and the tax-driven inversion structure remain unchanged,” AstraZeneca says in a statement. Pfizer today increased its offer for AstraZeneca and sent a letter to the prime minister of the United Kingdom, David Cameron, outlining...

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