Pfizer set to abandon bid for AstraZeneca

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.

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Comments (3)
  • chopchop0
    , contributor
    Comments (5217) | Send Message
    Still too inflated of a price. AZN lost it chance. I hope PFE realizes the gift it got and waits until it gets back into the 50-60s.
    26 May 2014, 07:36 AM Reply Like
  • Willow Street Investments
    , contributor
    Comments (2372) | Send Message
    Drop this taxable event that forces current PFE shareholders to pay taxes now.
    26 May 2014, 07:53 AM Reply Like
  • BlueOkie
    , contributor
    Comments (10507) | Send Message
    We need to change the tax code! PFE needs to get a better R&D going.
    26 May 2014, 08:03 AM Reply Like
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