Pfizer Inc has already had its takeover overtures rebuffed three times by rival AstraZeneca Plc , but investors in the U.S. drugmaker say it can tolerate a little more rejection before going hostile with the deal. AstraZeneca turned down a sweetened Pfizer cash and stock offer on Friday that amounted to 63 billion pounds ($106 billion), or about 50 pounds per share, saying it substantially undervalued the British drugmaker. The raised offer followed unsolicited Pfizer approaches in late April and January.Investors and analysts say Pfizer needs to raise its offer as high as 52 to 55 pounds per share to close the deal, as well as increase the cash portion to as much as 50 percent from around 30 percent.While several analysts and shareholders said Pfizer needs to do a deal of this sort to restore its fading competitive edge, those who talked to Reuters did not believe Chief Executive Ian Read was likely to go over the heads of AstraZeneca management and directly to shareholders quickly. He may even walk away if a friendly deal can't be done."I don't think Ian will take that route," said Brian Turner, healthcare analyst for Levin Capital, which holds more than 11 million Pfizer shares.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN fell by 0.09% or $-0.07/share to $81.02. In the past year, the shares have traded as low as $46.87 and as high as $82.68. On average, 3424980 shares of AZN exchange hands on a given day and today's volume is recorded at 9881706.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE fell by 1.28% or $-0.4/share to $30.75. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 29514900 shares of PFE exchange hands on a given day and today's volume is recorded at 41708460.
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