Pfizer (PFE -1.2%) CEO Ian Read says shareholders like his discipline in dealing with his attempted acquisition of AstraZeneca (AZN -1.1%). He says they are supportive of his decision to walk away after AZN's BOD rejected his ₤55 bid. The AZN board would not engage in negotiations unless Pfizer increased its offer to ₤59.
Under U.K. law, AZN could reach out to PFE in August to rekindle the matter. PFE must wait six months (November) before it can take the initiative to restart the process.
Mr. Read says his team continues to evaluate other potential deals.