This morning, Pfizer confirmed that it had asked AstraZeneca to consider a merger, and been rebuffed. Under U.K. law, it had to disclose the offer and went public with a $98.7 billion offer to buy the London-based drug maker. The deal will be 70% cash and 30% stock, and will provide Pfizer with a way to use funds it has kept out of the U.S. without paying U.S. taxes. The deal would also allow Pfizer to lower its tax rate by creating a holding company in the U.K.
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