- 13 updates
The Business Secretary Vince Cable says the government continues to monitor the proposed takeover of AstraZeneca by US drugs giant Pfizer, saying that it is in the "national interest" to do so.
AstraZeneca Chairman Leif Johansson has said he now saw no prospect of a deal with Pfizer before a deadline of 26 May set under British takeover rules, or any likelihood of that deadline being extended, Reuters have reported.
Labour leader Ed Miliband has reiterated his call for the Government to do an "objective test" on the impact of a potential takeover by Pfizer of AstraZeneca, despite the British firm's board rejecting the apparently final offer from the US drugs company.
Business Secretary Vince Cable has said he and the rest of the Government are "keeping our options open" after AstraZeneca's board rejected Pfizer's increased and apparently final offer of £69 billion.
Asked about the board's decision, Mr Cable said:
One of the major shareholders in AstraZeneca has criticised the board following its rejection of Pfizer's "final" £69 billion takeover bid.
ITV News Business Editor Joel Hills reports:
Prime Minister David Cameron has said the Government will continue to talk in a "neutral" role to both Pfizer and AstraZeneca regarding a takeover after the US drug firm saw an increased offer rejected by the British manufacturer.
Astra outlined several key points underlying its rejection of the deal, starting with planned cost-cutting which would "imply a meaningful reduction in research and development potential and capabilities".
- The integration of the two companies would risk "significant disruption" to the delivery of its new drugs.
- Pfizer's past record, saying its previous large-scale takeovers had "highlighted the challenges around the negative impact of integration on research and development productivity and output."
- Astra expressed concerns about the impact of plans by the US firm to separate out its operations into three business units.
- The rejection statement repeated the concern expressed about the "tax-driven inversion structure" of the deal.
The company also pointed to the fact that the majority of the offer was still in the form of shares - which many Astra investors would have to sell.
AstraZeneca has rejected a final £69 billion takeover offer from US drugs giant Pfizer, saying it undervalued the company.
The UK-based pharmaceuticals firm spurned the latest advance after it upped the price over the weekend. The firm employs over 2000 people in the North West.
Astra for the first time placed a figure on a value it might have been able to consider putting to its shareholders to recommend a sale - of about £74.3 billion. The share price was increased to £55 a share by Sunday evening but was again rejected today.
Mr Johansson reiterated widely expressed concerns that a deal would have "serious consequences for the company, our employees and the life sciences sector in the UK, Sweden and the US".
AstraZeneca has rejected the increased and apparently final takeover offer of £69 billion from US drug giant Pfizer, ITV News Business Editor Joel Hills has reported:
Latest ITV News reports
AstraZeneca's share price is tumbling back down to earth after the board rejected a "final" Pfizer bid. So is the takeover really over?
US drugs giant Pfizer has tabled a new takeover proposal to AstraZeneca, which employs 3,000 people in Macclesfield.