US pharmaceutical manufacturer Pfizer has dropped its £55 a share, takeover bid for UK competition AstraZeneca, after the firm's board rejected the offer.
Pfizer released a statement saying: “Following the AstraZeneca board’s rejection of the proposal, Pfizer announces that it does not intend to make an offer.” AstraZeneca rejected the offer, saying it undervalued the company. The firm, which employs 2,000 in Macclesfield, was keen to meet with Pfizer to discuss the bid. Company chairman Leif Johansson, said:…
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