U.S. drugmaker Pfizer Inc approached Britain's AstraZeneca Plc two days ago to reignite a potential $100 billion takeover and was rebuffed, raising investor expectations it will have to increase its offer to close the deal.Pfizer said on Monday it proposed a takeover to AstraZeneca in January worth 58.8 billion pounds ($98.9 billion), or nearly 47 pounds per share. It had contacted its British rival again on Saturday, seeking to discuss further a takeover.The chase was welcomed by investors in both companies, as deal-making grips the healthcare industry. AstraZeneca shares were up 11.7 percent at $76.69 in New York on news of the latest offer, which would be the biggest foreign acquisition of a British company and one of the largest pharmaceutical deals. Pfizer shares were up 3.8 percent at $31.92 on the New York Stock Exchange on Monday afternoon.AstraZeneca said Pfizer's suggested offer undervalued the company "very significantly," adding that Pfizer wanted to pay 70 percent in shares and only 30 percent in cash. AstraZeneca urged its shareholders to take no action and said it remained confident of its independent strategy.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN traded higher by 11.74% or $8.058/share to $76.72. In the past year, the shares have traded as low as $46.87 and as high as $70.71. On average, 2448110 shares of AZN exchange hands on a given day and today's volume is recorded at 22679700.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 3.51% or $1.0801/share to $31.83. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 28547900 shares of PFE exchange hands on a given day and today's volume is recorded at 54795508.
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