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AstraZeneca PLC (AZN) Calls Pfizer Inc. (PFE) Takeover Bid "Inadequate," Nixes Sweetened $106 Billion Offer


5/2/2014 6:52:20 AM

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The board of pharmaceutical company AstraZeneca on Friday flatly rejected drug maker Pfizer’s sweetened takeover offer just hours after it was levelled, describing it as inadequate. Pfizer Inc., the maker of Viagra, offered 50 pounds ($84) a share in cash and stock, valuing AstraZeneca at $106 billion. The offer was a 7.3 increase on a previous bid. AstraZeneca’s board quickly issued a statement calling the terms inadequate and saying they substantially undervalue the company.

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