Pfizer Ditches Sweetened Bid for Britain's AstraZeneca

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Pfizer Ditches Sweetened Bid for Britain's AstraZeneca

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Pfizer Ditches Sweetened Bid for Britain's AstraZeneca

by TheStreet.com Videos 0:57 mins

Pfizer Ditches Sweetened Bid for Britain's AstraZeneca

by TheStreet.com Videos 0:57 mins

Pfizer withdrew its sweetened bid for AstraZeneca on Monday, ending a takeover saga that began back in January. The pharmaceutical giant's most recent bid for AstraZeneca, valued at £69.4 billion, or $117 billion, had received a mixed response from shareholders. Some critics looked down upon Pfizer's intentions to move its tax domicile to the U.K. from the U.S. following a transaction. Pfizer can't come back with another bid for AstraZeneca for six months, but the company is allowed to begin discussions in three months if the target initiates it.

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