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AstraZeneca rejects Pfizer’s sweetened offer

7:22 AM MDT | May 9, 2014

AstraZeneca’s board on 2 May rejected Pfizer’s improved £50/share ($60) takeover approach to AstraZeneca, which values AstraZeneca at £63 billion. “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, meanwhile, has sent a letter to UK prime minister David Cameron outlining plans for...

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