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AstraZeneca board not swayed by £69.4bn bid

 Leif Johansson

Pfizer’s latest offer carries “significant risks”, says AstraZeneca chairman Leif Johansson

The board of UK-based AstraZeneca has until 26 May 2014 to reconsider Pfizer’s latest offer of £55 a share, putting the value of the company at £69.4bn.

Pfizer upped its offer for AstraZeneca on Sunday, but the AstraZeneca board responded by calling it “inadequate”.

The offer, according to AstraZeneca chairman Leif Johansson, would create “significant risks” for shareholders and would have “serious consequences for the company, our employees and the life-sciences sector in the UK, Sweden and the US”.

If the 26 May deadline passes with no new moves from either side it will bring to an end six months of merger talks between the two companies and Pfizer will be prevented under UK law from making a fresh approach for six months.

Pfizer refused to be drawn on whether it would make an improved bid for the company in six months time. A spokesperson said on Tuesday: “I can’t predict what will happen in the future.”

Citation: The Pharmaceutical Journal DOI: 10.1211/PJ.2014.11138502

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