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Pfizer admits defeat on AstraZeneca bid

US pharmaceuticals giant Pfizer has called off its multi-billion pound bid to take over British-Swedish firm AstraZeneca. The decision came after AstraZeneca's board declined an offer worth almost £70bn.

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Pfizer's new offer 'represents full value' of UK firm

Pfizer increased its takeover bid for Astrazeneca by upping their offer to more than £69 billion, after Friday's offer was rejected. The US drug giant said the new offer will be the fourth and final approach, and "represents compelling and full value for AstraZeneca".

Read: Pfizer makes final offer for £69bn for AstraZeneca

Pfizer chief executive Ian Read said:

We have tried repeatedly to engage in a constructive process with AstraZeneca to explore a combination of our two companies. Following a conversation with AstraZeneca earlier today, we do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price.

We remain ready to engage in a meaningful dialogue but time for constructive engagement is running out.

We have said from the beginning that we will remain disciplined in the price we are willing to pay and we will not depart from that guiding principle.

We believe that our proposal represents compelling and full value for AstraZeneca and that other issues that have been raised by AstraZeneca do not represent material difficulties.

Without further discussions or an extension of the deadline for making a firm offer, Pfizer's proposal will expire at 5pm on May 26.

More: Ed Miliband: 'Serious concerns' over proposed Pfizer deal

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