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Pfizer Drops Astrazeneca Takeover After Dispute

In: Historical Events

Submitted By econrs1
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Feature Article
John Doe
English 12 Acc - Journalism

Pfizer Drops AstraZeneca Takeover After Dispute
(May 25, 2014)

“Our final proposal was compelling and represented full value for AstraZeneca” is the statement given by Pfizer chief executive Ian Read speaking on Pfizer’s bid for fellow pharmaceutical giant AstraZeneca.

Following a month long, public dispute between the two pharmaceutical giants, Pfizer is backing out of the $118 billion merger of the two companies. The conflict centers primarily on share price disputes between the two companies.

The news of the failed deal gives AstraZenca investors mixed reactions. Investors may now force more pressure upon the board of the Anglo-Swedish AstraZeneca in order to produce higher returns.

Some shareholders such as Aberdeen Asset Manangement believe that Pfizer’s bid is too low. Others such as Jupiter Fund Management believe that AstraZeneca is missing a beneficial opportunity.

The details of the deal are complicated, but the main components of the dispute revolve around increasing Pfizer’s share prices. After four previous attempts to make a deal, Pfizer is unable to raise the $75.05 per share that AstraZeneca is asking to obtain.

In short, AstraZeneca believes that Pfizer is not offering fair monetary and stock compensation for the company, and therefore has allowed the deadline for the deal’s completion to pass. Following the news of the deal’s failure, AstraZeneca shares have fallen by 2.1 percent, closing near $58.01 per share yesterday.

Pfizer finds a merger with AstraZeneca enticing for a variety of reasons. Seemingly atop the Pfizer’s priorities is the desire to take part in the recent fad of tax inversions, which would allow Pfizer to pay significantly lower corporate taxes by reincorporating in Britain. Reincorporating in Britain will also allow Pfizer to use its...

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