The board of directors of British drug maker AstraZeneca Plc has rejected the raised $119 billion takeover bid from U.S. drugmaker Pfizer (PFE).
In a statement released Monday, AstraZeneca’s board said that Pfizer’s latest offer of £55.00 ($95.52) per share undervalues the company, and the 15% increase constituted only a minor improvement over the company’s previous offer. AstraZeneca, which has rejected four proposals from Pfizer, also reiterated the confidence in its “ability to deliver on its prospects as an independent, science led business.”
Pfizer Inc., the world’s second biggest drugmaker by revenue, said late Sunday that the new offer would be its “final” attempt, and that it would not make a hostile bid for AstraZeneca.
Shares in the London-based company nosedived nearly 15% in early trading Monday.
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