Shares in pharma giant AstraZeneca plunged this morning after the group rejected a fresh offer from US firm Pfizer.
AstraZeneca shares dropped more than 13% shortly after the market opened, to £41.84. This morning an announcement to the stock exchange revealed AstraZeneca's board has rejected a £55 per share offer for the business from Pfizer, a deal which values the business at £69bn. This is up from a previous offer of £50 per share. AstraZeneca chairman Leif Johansson said the revised bid was only a "minor improvement", and suggested Pfizer is only concerned with reducing its tax bill.
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