AstraZeneca says Pfizer offer undervalues company

28th April 2014, Comments 0 comments

AstraZeneca said on Monday that an informal merger offer from US drugs giant Pfizer valuing its British rival at almost $100 billion "very significantly" undervalues the company.

"The board ... concluded that the proposal very significantly undervalued AstraZeneca and its prospects," said a statement issued after Pfizer earlier on Monday had revealed its bid plans.

The statement added that "the board remains confident in the ongoing execution of AstraZeneca's strategy as an independent company and that its successful delivery will create significant value for shareholders".

Pfizer had said that it remained interested by a blockbuster merger with AstraZeneca that would fuel cancer research, after its informal offer was rejected in January.

The offer of nearly $100 billion is equivalent to about 72 billion euros.

© 2014 AFP

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