AstraZeneca's board has formally rejected Pfizer's "final" sweetened and enlarged ￡55-per-share bid tabled over the weekend, arguing that it still undervalues the UK pharma company's prospects.
Pfizer this weekend insisted that it would not make a hostile bid and would only proceed with the offer with the recommendation of AstraZeneca's board, but has urged shareholders to put pressure on the UK company's directors to enter negotations.
Pfizer had earlier ruled out making a hostile bid and urged AstraZeneca shareholders to put pressure on the company to enter negotiations of its ￡55 per share proposal.
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