British drug company AstraZeneca have issued a statement regarding their rejection to a takeover bid by US pharmaceutical company Pfizer, saying that shareholders are "strongly advised to take no action" regarding today's news.
The statement by the Chairman of AstraZeneca said:
AstraZeneca continues to invest significantly in research, development and manufacturing in the U.K., Sweden and the U.S.
We are showing strong momentum as an independent company, in particular with our exciting, rapidly progressing pipeline, which the Board believes will deliver significant value for shareholders.
Pfizer’s proposal would dramatically dilute AstraZeneca shareholders’ exposure to our unique pipeline and would create risks around its delivery.
As such, the Board has no hesitation in rejecting the Proposal.
Pfizer has until Monday until it admits defeat in bidding for AstraZeneca. But after the shenanigans of the past few days we cannot be sure.
AstraZeneca's share price is tumbling back down to earth after the board rejected a "final" Pfizer bid. So is the takeover really over?
Sweden's Finance Minister says the Government should be "very, very sceptical" about any promises the US pharmaceutical giant makes.