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AstraZeneca shareholders upset at rejection of Pfizer offer

  • Leading AstraZeneca (AZN) shareholders aren't happy about the company's rebuffing of Pfizer's latest £69B ($117B) offer.
  • Jupiter Fund Management, a top-30 shareholder in the U.K. pharmaceuticals provider, is "disappointed" that the rejection was so categorical. "They should have at least engaged in a constructive conversation...to assess the opportunities that a combined entity could bring," Jupiter says.
  • A fund manager at a top 10 investor says: "We do not think the Astra management have done a good job on behalf of shareholders."
  • AstraZeneca's shares are -12% premarket.
  • Previous coverage
Comments (5)
  • fuzzymc
    , contributor
    Comments (102) | Send Message
     
    AZN should worship anyone who would offer twice what the company is worth. Take the $$ and run
    19 May, 08:09 AM Reply Like
  • hacker44240
    , contributor
    Comments (55) | Send Message
     
    Welcome to socialism. Have a nice day!
    19 May, 08:52 AM Reply Like
  • ClubFord
    , contributor
    Comments (11) | Send Message
     
    In my view, AZN's response was not as disappointing as could be interpreted. It was a ham handed response and clumsy at best, but they have clearly indicated that they are in plan....and for sale at GBP 59 or 7.2% more than was offered.

     

    Keep in mind that the Zeneca portion of this company was the old ICI Pharma business. While AZN's website claims that it was a merger between Astra and Zeneca, it was far more like an acquisition by Astra.

     

    I think this was a less than clever attempt to extract more value for the company. Not necessarily from Pfizer, but from someone. My feeling is that a deal gets done at somewhere no worse than GBP 57-58 and maybe higher. Particularly if another major Pharma company enters the fray.
    19 May, 09:48 AM Reply Like
  • norjud
    , contributor
    Comments (191) | Send Message
     
    I think if it was anyone but Pfizer, you see their past record. Not good.
    They are doing it for TAX reasons only. Once you play with a snake you get bitten. Then if gets infected and you may die. They call it Pfizer Pfun!
    19 May, 11:47 AM Reply Like
  • ray69
    , contributor
    Comments (42) | Send Message
     
    AZN shareholders will never see the PFE offer value again. Woodford's judgement that Soroit has transformed its pipeline is pure speculation. Big pharma is dead and should be milked for its momentum. The future belongs to biotechs. Each driven by scientists who have zero problem raising cash to prove their ideas at the frontiers of medicine.
    20 May, 07:13 AM Reply Like
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