As tipped, AstraZeneca (AZN) has rejected Pfizer's (PFE) final proposal of £55 a share, or £69B ($117B), saying that the bid "falls short of AstraZeneca’s value as an independent science-led company."
AstraZeneca told Pfizer on Friday that any offer would have to be over 10% above the latter's previous bid of £53.50.
The U.K. company said that while Pfizer's pursuit has been driven by cost and tax savings, it "has failed to make a compelling strategic, business or value case."
Pfizer's final proposal "would present significant risks for shareholders, while also having serious consequences for the company, our employees and the life-sciences sector in the U.K., Sweden and the U.S.," AstraZeneca said.
AstraZeneca's shares are -13.2% at £41.87 in London. (PR)