AstraZeneca rejects fresh £69bn Pfizer bid

AstraZeneca has rejected a new takeover bid by Pfizer, arguing it still undervalues the business.

This was the latest bid by American pharmaceutical firm Pfizer to acquire AstraZeneca, Britain's second-largest pharma company. This final offering valued AstraZeneca at £69bn, some £55 per share. This is up from £50 per share in its previous offer. But AstraZeneca chairman Leif Johansson said the revised bid was only a "minor improvement" on previous bids and Pfizer was only concerned with reducing its tax bill. "Pfizer's approach throughout its pursuit of AstraZeneca appears to have been fundamentally driven by the corporate financial benefits to its shareholders of cost savings ...