On Monday, bio-pharmaceutical company Pfizer (PFE
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Pfizer most recently proposed to AstraZeneca a $100 billion takeover, and was rebuffed. Pfizer had proposed its takeover to AstraZeneca in January, and once again contacted its British rival on Saturday; Pfizer’s offer included buying AstraZeneca at 47 pounds per share, with 70% paid in shares and only 30% in cash.
AstraZeneca, however, stated that Pfizer’s offer greatly undervalued the company. Furthermore, AstraZeneca urged its investors to remain confident in the company’s independent strategy.
Pfizer Chief Executive Ian Read stated “Society wants products faster, they want more products and they want value. Industry is responding to society’s request for increased efficiencies and productivity.”
Shares of Pfizer rose 4.2% during the session; YTD the stock is up 0.95%. AstraZeneca rallied 12.16%; YTD the stock is up 17.23%.
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