U.K.-based pharmaceutical company AstraZeneca (AZN
) announced on Monday that it has rejected American pharmaceutical firm Pfizer’s (PFE) offer over the weekend to buy the company for 55GBP per share.
Pfizer offered $120 billion late on Sunday night, but the AstraZeneca board feels this amount still undervalues the company. On Friday, AZN would need to see an offer of at least 10% above its Friday closing price of 53.5 GBP. Pfizer’s offer was made up of cash and shares, with 24.76GBP and 1.747 shares offered for each AZN share.
AstraZeneca chairman Leif Johansson made the statement: “The final proposal is a minor improvement which continues to fall short of the Board's view of value and has been rejected.”
AZN stock was down $7.28, or 9.07%, in pre-market trading. YTD, the stock is up 37.07%.
PFE stock was up 38 cents, or 1.3%, in pre-market trading. YTD, the stock is down 4.4%.
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