Pfizer ups offer for AstraZeneca again, to $119B

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Associated Press

Posted on May 18, 2014 at 10:35 PM

Updated Monday, May 19 at 2:02 AM

NEW YORK (AP) — U.S. drugmaker Pfizer has raised its offer for British rival AstraZeneca by 15 percent over its last bid, making the stock-and-cash offer worth $118.8 billion, or 70.73 billion pounds — one of the richest deals ever.

Pfizer Inc. has been courting AstraZeneca PLC since January, saying their businesses are complementary and would be stronger together. But AstraZeneca has repeatedly rejected Pfizer's offers, insisting they significantly undervalue the company and its portfolio of experimental drugs.

This is the third time Pfizer has sweetened its offer. It also increased the ratio of cash AstraZeneca shareholders would receive, from 33 percent to 45 percent. The latest offer would give them the equivalent of 55 pounds for each AstraZeneca share, split between 1.747 shares of the new company and 2.476 pence in cash.

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