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Pfizer final offer to Astra Zeneca

Read time: 1 mins
Last updated:19th May 2014
Published:19th May 2014
Source: Pharmawand
On 16 May 2014, Pfizer sent a letter to the Chairman of AstraZeneca setting forth the terms and basis of an improved proposal with an indicative value of £53.50, comprising 1.845 shares in the combined entity and 2,157 pence per AstraZeneca share. In response, AstraZeneca indicated that its board believes that Pfizer's £53.50 proposal substantially undervalues the company. During discussions AstraZeneca made clear that it is not currently prepared to accept a price close to Pfizer’s £53.50 proposal.. Pfizer confirms that it will not make a hostile offer directly to AstraZeneca shareholders and will only proceed with an offer with the recommendation of the board of directors of AstraZeneca. Under the terms of the final proposal AstraZeneca shareholders would receive, for each AstraZeneca share, 1.747 shares in the combined entity and 2,476 pence in cash, representing an indicative value of £55.00 ($92.53) per share. This proposal is final and will not be increased, except in certain circumstances.Pfizer's proposal will expire at 5:00 p.m. London time on 26 May.

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