Pfizer has made a new offer for AstraZeneca.
HONG KONG (CNNMoney)
Pfizer (PFE, Fortune 500)'s increased offer is worth £50.00 ($84.47) per AstraZeneca share, a premium of around 32% over the company's stock price in mid-April. At that price, AstraZeneca (AZN) would be valued at £63 billion ($106.4 billion).
A deal of that scale would represent the biggest foreign takeover of a British company. It would also likely be the second biggest pharmaceutical deal after Pfizer's $112 billion purchase of Warner Lambert in 2000.
AstraZeneca said its board will meet to discuss the proposal and make an announcement when appropriate.
If the deal is done, Pfizer has said the merged company would be incorporated in Britain, but headquartered in New York and listed on the NYSE.
The potential takeover has sparked some worries in Britain about the impact on the country's science and medical industries.
A senior government adviser said Friday that the U.K. should have powers to intervene in takeovers by foreign firms to protect national interests.
"There are so many issues about the science base, about the supply chains, about employment prospects that ought to be explored and I don't see any way in which this can be adequately done unless the government has reserve powers," Michael Heseltine told the BBC.
Pfizer (PFE, Fortune 500) management has been on a charm offensive in recent days, aiming in part to allay those fears. CEO Ian Read visited London this week, and pledged to make new investments in Britain in a letter to Prime Minister David Cameron.
"We believe the industrial logic for a combination between Pfizer and AstraZeneca is compelling," Read wrote. "We would therefore like to assure the government of our long term commitment to the U.K."
In addition to an expanded drug portfolio -- particularly in cancer treatments -- a deal would provide a use for some of the billions in profits Pfizer holds overseas. Bringing the cash home to the U.S. would likely result in a higher tax bill.
Related story: Pfizer's massive tax play for AstraZeneca
The deal would be the latest in a wave of pharmaceutical consolidation. The trend is being fueled in part by the expiration of lucrative patents, and a need for deep pockets to finance new research and development. The M&A activity is also inspired by the expectation that low interest rates will not last for much longer.
Deals worth $128 billion have been announced in the sector so far this year, according to Dealogic, the highest tally since 2009.
Related story: Health care deals hit record high
Talk of a potential acquisition picked up earlier this week after Pfizer revealed it had made an offer in January that would have paid AstraZeneca owners £46.61 ($76.62) per share.
While the two sides failed to reach agreement at the time, Pfizer's disclosure of the offer raised investor expectations that a new round of negotiations may yield a different result.
AstraZeneca said Monday that the January proposal "very significantly undervalued" the company and its prospects, and in the absence of a new "specific and attractive" offer it was not ready to resume talks. 
First Published: May 2, 2014: 3:41 AM ET
Anda sedang membaca artikel tentang
Pfizer ups its mega bid for AstraZeneca
Dengan url
http://bugarasakti.blogspot.com/2014/05/pfizer-ups-its-mega-bid-for-astrazeneca.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Pfizer ups its mega bid for AstraZeneca
namun jangan lupa untuk meletakkan link
Pfizer ups its mega bid for AstraZeneca
sebagai sumbernya
0 komentar:
Posting Komentar