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".