The US drugs giant Pfizer, who develop a wide range of vaccines and Viagra, have stepped up its pursuit of Britain's pharmaceutical company AstraZeneca today, by offering a new takeover proposal worth £63 billion.
The takeover could be largest acquisition of a UK company by a foreign business.
The Viagra maker said it hoped the new offer of £50 a share, an increase of its £58bn rebuffed offer in January, will provide the basis for the two companies to enter into discussions over a possible combination.
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.