U.S. drugmaker Pfizer Inc is planning to raise its offer for AstraZeneca Plc as it works with its advisers against the clock in a battle where they have just eight days left to move under British takeover rules.One person familiar with the matter said news of a better offer than the $106 billion rejected by AstraZeneca on May 2 could come on Monday morning. The Wall Street Journal reported Pfizer was planning to submit a sweetened offer on Sunday.Pfizer still hopes to get AstraZeneca into negotiations before the May 26 deadline for making a formal bid or walking away. The two companies have yet to engage and there remains a significant gap in price expectations.The U.S. group wants to create the world's largest drugs company, with a headquarters in New York but a tax base in Britain, and would much prefer a recommended deal allowing it access to AstraZeneca's books.
AstraZeneca PLC (AstraZeneca) is a global biopharmaceutical company. Shares of AZN fell by 0.3% or $-0.24/share to $80.28. In the past year, the shares have traded as low as $46.87 and as high as $82.68. On average, 4206660 shares of AZN exchange hands on a given day and today's volume is recorded at 8986704.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 0.21% or $0.06/share to $29.12. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 30588100 shares of PFE exchange hands on a given day and today's volume is recorded at 35704300.
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