The rebuff came nine hours after Pfizer said on Sunday it had raised its takeover offer to 55 pounds a share, or around 70 billion pounds ($118 billion) in total, and would walk away if AstraZeneca did not accept it.
Shares in AstraZeneca tumbled 13 percent to 42 pounds by late morning as prospects of a takeover ebbed away. Some major shareholders expressed annoyance at the board’s stance.
Pfizer wants to create the world’s largest drugs firm, with a headquarters in New York but a tax base in Britain, where corporate tax rates are lower than in the United States. The plan has…
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