Pfizer bids $119 B to acquire AZ. AZ board firmly rejects Pfizer's bid without much consideration -- other than to say it is 10% too low to even talk about. Some AZ investors are up in arms. Some AZ investors are happy happy happy (as Phil would say). There seems little liklihood that the unhappy AZ investors will be able to get the AZ board to reconsider Pfizer's "final offer" by the May 26th deadline. Therefore, under UK law, Pfizer will need to go back in its hole for another 6 months -- on this topic anyway.
With much gnashing of Pfizer teeth, the AZ deal is dead for now. However, AZ top management and its board seem to have been put on notice by a goodly swath of its largest shareholders that its R&D plans for rejuvenating the company better pan out. Meanwhile AZ's stok is dropping on the news and thus the clock begins ticking and we wait.
Posted by Bruce Lehr May 21st 2014.