Is Pfizer done with AstraZeneca? Not so fast.

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

Pfizer (PFE) could still raise its bid for AstraZeneca (AZN) despite its statement that its latest offer was final and the apparent restrictions in doing so per the U.K. City Code on Takeovers and Mergers. All its has to do is get the AZN BOD to recommend its higher proposal.

AZN got a welcome endorsement from one of its major institutional shareholders, Neil Woodford, when he stated that AZN will earn better returns for shareholders by remaining independent. Other big stakeholders like Axa Investment Managers and Schroder Investment Management have complained that AZN management should have negotiated with PFE instead of quickly rejecting its offers.

This one ain't dead yet. PFE may only have to raise its bid ~10% to get it done. This doesn't seem insurmountable.