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If AstraZeneca Engages, Deal Value May Rise Over $120b: Leerink 2014-05-19 03:28:33.527 GMT
By Sarah Gill May 19 (Bloomberg) -- Pfizer revised offer is compelling; if AstraZeneca management engages with Pfizer, PFE stk likely to increase deal value to >$120b from $117b: Leerink analyst Seamus Fernandez in two notes. * Cuts AstraZeneca to marketperform vs outperform on risk of AstraZeneca board rejecting offer; “white knight” unlikely to emerge * Increase in cash portion of offer should “significantly” improve PFE’s chances of getting AZN shareholders to engage, especially if PFE shr price rises * Est. at least 6% accretive in 2016 * $4b est. synergies likely conservative * Rates PFE marketperform, PT ex-AZN values PFE at $31.60/shr * PFE 14 buys, 6 holds, 2 sells, avg. PT $34.17: Bloomberg data * NOTE: AstraZeneca to Reject Pfizer Raised Proposal, FT Reports * NOTE: Pfizer Makes Final Raised AstraZeneca Bid for $117b * NOTE: Pfizer CEO Says AstraZeneca Board Not Likely to Back Deal at a Reasonable Price
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To contact the reporter on this story: Sarah Gill in sydney at +61-2-9777-8641 or sgill23@bloomberg.net To contact the editor responsible for this story: Jan Dahinten at +65-6212-1164 or jdahinten@bloomberg.net