AstraZeneca Rejects Pfizer Bid With ‘No Hesitation’

Pfizer Inc. (NYSE:PFE) confirmed earlier this week that it was trying to bring AstraZeneca plc (ADR) (NYSE:AZN) (LON:AZN) back to the negotiating table after its previous attempt to buy the company fell through this past January. The proposal reportedly valued AstraZeneca at $100 million, roughly its current market cap, but it would have relocated AstraZeneca to the UK for tax purposes and contained the same mix of cash/shares, both provisions that the AstraZeneca board objected to last time.

“The financial and other terms described in the Proposal are inadequate, substantially undervalue AstraZeneca and are not a basis on which to...