AstraZeneca shares plunge 14% after snub to raised Pfizer bid
May 20, 2014, 12:06 am TWN
LONDON--The share price of British drugmaker AstraZeneca slumped on Monday after it rejected a final takeover bid from U.S. rival Pfizer worth US$117 billion.
The shares tumbled 13.99 percent to 41.49 pounds in early morning deals on London's FTSE 100 index of leading companies, which was down 0.49 percent at 6,822.25 points.
AstraZeneca on Monday rejected a final takeover bid from Pfizer that was pitched at 55 pounds per share, valuing the British firm at 69 billion pounds.
Pfizer had made an improved and final offer on Sunday, but warned that it would not proceed without a recommendation from AstraZeneca management.