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Pfizer officially withdraws from AstraZeneca deal

Staff writer |
Pfizer, Inc. officially withdrew its offer to buy British rival AstraZeneca Plc. Pfizer had last week raised its offer for AstraZeneca to $69.3 billion pounds or $116.6 billion.

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"We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy," said Ian Read, chairman and chief executive of Pfizer.

Pfizer had last week raised its offer for AstraZeneca to $69.3 billion pounds or $116.6 billion. However, AstraZeneca rejected that offer stating it undervalues the company and its attractive prospects. Pfizer had then warned AstraZeneca that it would not further increase its offer or will go hostile.

Under U.K. takeover rules, Pfizer had to make a final offer for AstraZeneca by 5 p.m. Monday. Now Pfizer will not be able to make another bid for six months, otherwise AstraZeneca must initiate the merger discussions.


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