AstraZeneca has said it has rejected US drug firm Pfizer's £69 billion takeover offer because it "falls short" of the company's value and leaves "uncertainty and risks" for its shareholders.
ITV News Business Editor Joel Hills reports:
AstraZeneca rebuffs Pfizer offer as "falls short of AstraZeneca's value" and proposals "being uncertainty and risks for AZ shareholders".
AstraZeneca says Pfizer bid driven by "cost savings and tax minimisation" + failed to "make a compelling strategic, business or value case"
AZ says Pfizer bid "inadequate" + would have "serious consequences for the Company, our employees and the life-sciences sector in the UK".
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.