Pfizer set to abandon bid for AstraZeneca

|About: Pfizer Inc. (PFE)|By:, SA News Editor

Pfizer (PFE) is on the brink of halting its attempt to acquire AstraZeneca (AZN) for £69.4B ($117B), Bloomberg reports.

Under British law, Pfizer has until 5 pm in the U.K. to make a firm offer, but it is expected to say that it won't make one. The company would then have to wait three-to-six months to make another proposal.

Pfizer hopes that AstraZeneca shareholders will use the time to pressure their company to engage with the U.S. firm.