Pfizer Inc. increased its offer for AstraZeneca to $106 billion — but the sweetened bid was immediately rejected.
London-based AstraZeneca, which has its U.S. headquarters in Wilmington, Del., and whose MedImmune unit has operations in Hayward, said in a statement “the financial and other terms described in the proposal are inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer. The large proportion of the consideration payable in Pfizer shares and the tax-driven inversion structure remain unchanged. accordingly, the board has rejected the proposal.”
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