Astrazeneca rejects latest Pfizer approach

May 02, 2014 16:39 IST

AstraZeneca's board said on Friday it had rejected an improved $106 billion takeover offer from US drugmaker Pfizer, saying the bid which was announced just hours

ago undervalued the firm.

"Pfizer's proposal would dramatically dilute AstraZeneca shareholders' exposure to our unique pipeline and would create risks around its delivery," Chairman Leif Johansson said.

"As such, the board has no hesitation in rejecting the proposal."

Kate Holton in London

Source: REUTERS
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