Pfizer to pressurise AstraZeneca shareholders into talks on GBP 50-per-share offer Pfizer is hoping to force AstraZeneca to enter takeover negotiations by warning the UK-based drugs company’s shareholders it will not revise its existing GBP 63bn (EUR 77bn) offer, The Sunday Timesreported. The report cited anonymous senior Pfizer insiders who said the New York-based pharmaceuticals group is planning a “bear hug” action on its British target by stressing to Astra investors it will not up its GBP 50-per-share approach, as well as claiming Astra’s drug-development pipeline has weaknesses.
According to senior banking sources cited in the piece, Astra’s board will not enter talks until Pfizer increases its offer to at least GBP 55 per share. Pfizer is unwilling to offer more without seeing more detailed information about Astra’s product prospects, the report said. According to senior people at Pfizer, the American company is particularly keen to examine details relating to Astra’s heart treatment Brilinta, the item reported.
Meanwhile, the Mail on Sunday said industry insiders are expecting an increased bid from Pfizer before next weekend. However, people with close links to the business said it is not in any hurry to table a revised offer prior to the Takeover Panel-imposed 26 May deadline, the report stated.
Source Sunday Times