Pfizer sweetens bid for AstraZeneca as it tries to assuage UK concerns
LONDON - Pfizer Inc. has sweetened its offer for AstraZeneca PLC and outlined measures it hopes will ease British government concerns over the takeover.
The Viagra maker said Friday it is offering 50 pounds (US$84) a share in cash and stock, 7.3 per cent up on the previous bid. The offer values AstraZeneca at $106 billion.
Pfizer also sent a letter to Prime Minister David Cameron, promising to keep the country's corporate and tax residence in England and saying the "golden triangle of Oxford, Cambridge and London would represent a vital component" of the deal.
Critics fear the takeover could mean big job losses, and the potential loss of stature in the science sector has become a political issue.
Pfizer is the world's second-biggest drugmaker by revenue â€” while AstraZeneca ranks eighth.
Read more Business News
- Housefire in ArmstrongVernon / N. Okanagan - 8:33 pm
- Fish festival educates kidsKelowna - 8:32 pm
- Wildfire destroys 10 homesWorld - 12:20 pm
- Warriors hang on, sweep weekendBCHL - 5:15 pm
|QHR Technologies Inc||1.37||+0.05|
|Anavex Life Sciences||0.223||-0.0031|
|Copper Mountain Mining||2.66||-0.02|
|Sunrise Resources Ltd||0.02||-0.005|
|Mission Ready Services||0.29||-0.01|
“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...
Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...
There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...