Pfizer Drops $118 Billion AstraZeneca Bid As Time Runs Out

Law360, New York (May 26, 2014, 11:37 AM EDT) -- Pfizer Inc. said Monday it will no longer pursue its sweetened £69.4 billion ($118 billion) offer for rival drug maker AstraZeneca plc, which kept up its stiff opposition to the bid even as it ran up against the end of the deadline period mandated by U.K. takeover rules.

The deal's chances had been growing slimmer as Monday's deadline approached. AstraZeneca kept up its opposition, saying the deal undervalued it, even as some of its biggest investors lobbied for negotiations.

AstraZeneca executives had said Pfizer would need to raise its offer more than 10 percent to win over the board. Takeover rules prevent the...

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