AstraZeneca declined the bid that would have made it worth $116 billion because the offer 'undervalues the company and its attractive prospects'
AstraZeneca has rejected Pfizer’s improved “final” bid of $92 per share, which would have made the British pharmaceutical giant worth about $116 billion, saying that the new offer “undervalues the company and its attractive prospects.”
The pursuit by American firm Pfizer’s, based on a strategy to cut its tax expenses, has been scrutinized out of fears that it would impede AstraZeneca’s drug research and cut jobs.
The debate over a potential takeover has embroiled both politicians and trade unions in the U.K., where AstraZeneca currently employes 6,700 people. AstraZeneca’s shares fell over 13% in early trading after the rejection of the offer.