AstraZeneca Shares Up 25%

US drugs giant Pfizer has confirmed that it has now twice approached British peer AstraZeneca PLC with a takeover proposal - and the share price has soared

Morningstar News Team 28 April, 2014 | 10:17AM
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US drugs giant Pfizer (PFE) this morning confirmed that it has now twice approached British peer AstraZeneca (AZN) with a takeover proposal, and is considering its options after being rebuffed both times.

In a statement, Pfizer said it first approached AstraZeneca with a cash and shares offer that valued the British company's shares at £46.61, or $76.62, each on January 5. It said discussions about the approach were limited and ended on January 14.

The US company then contacted AstraZeneca again on Saturday in the hope the sides could come up with a takeover proposal that both companies would put to their shareholders, but AstraZeneca again declined to engage with Pfizer, the US company said.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
AstraZeneca PLC8,845.00 GBX2.04Rating
Pfizer Inc43.94 USD-0.57Rating

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