Pfizer May Make New Approach for AstraZeneca in August: Citi
2014-07-16 07:45:01.292 GMT
By Allison Connolly
July 16 (Bloomberg) -- Citi sees fewer obstacles to fresh
Pfizer approach 3 mos. after co. abandoned efforts to buy
AstraZeneca in May, citing discussions with Linklaters legal
team about U.K. takeover code; still sees 6 mos. most likely,
according to note.
* Says an acquirer can re-engage at 3 mos. w/ approval of
target co. at or above previous offer
* Notes no legal obligation for either co. to disclose
that an approach has been made
* Still sees Pfizer waiting until 6 mos. have passed, when it
can make offer that doesn’t require AstraZeneca board
approval
* Sees Astra’s intrinsic value >GBP49/shr, has buy rating
* NOTE June 20: Pfizer/Astra talks in 3-6 mos. wouldn’t be
surprise: JPMorgan
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer
2014-07-16 07:45:01.292 GMT
By Allison Connolly
July 16 (Bloomberg) -- Citi sees fewer obstacles to fresh
Pfizer approach 3 mos. after co. abandoned efforts to buy
AstraZeneca in May, citing discussions with Linklaters legal
team about U.K. takeover code; still sees 6 mos. most likely,
according to note.
* Says an acquirer can re-engage at 3 mos. w/ approval of
target co. at or above previous offer
* Notes no legal obligation for either co. to disclose
that an approach has been made
* Still sees Pfizer waiting until 6 mos. have passed, when it
can make offer that doesn’t require AstraZeneca board
approval
* Sees Astra’s intrinsic value >GBP49/shr, has buy rating
* NOTE June 20: Pfizer/Astra talks in 3-6 mos. wouldn’t be
surprise: JPMorgan
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer