Still More to See in Pfizer's bid for AstraZeneca
On Saturday, the story of takeover bid of the 63bn AstraZeneca by American pharmaceutical giant Pfizer took a new twist. It appeared that ministers have started discussions in Brussels regarding strengthening UK's capacity to pressurize the American firm to respect its commitment on issues related to jobs and research.
Pfizer has eight days in hand to come up an enhanced offer under City rules, or go argumentative by directly approaching the shareholders. But people who have knowledge of the matter informed that they expect Pfizer to make quicker moves with an improved deal in the hope of enticing Pascal Soriot , AstraZeneca's chief executive to the bargain.
The board of AstraZeneca previously rejected Pfizer's offer of 50 per share, which valued the company at 63billion. It is heard that the shareholders are demanding a minimum of 53 per share, which at existing prices would be worth almost 67billion. However insiders say Pfizer could go up with its offer to as much as 70billion, which would be 55 per share.
The offer in question could be an indication to the biggest ever takeover of a British company by an overseas buyer.
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