AstraZeneca rejected the 63.1 billion pounds offer by Pfizer for taking over the British Company

The AstraZeneca Board of Directors rejected on friday the improved offer for taking over the British company by the American group Pfizer, that evaluated AstraZeneca at 63.1 billion pounds (106.5 billion dollars), considering the proposal terms to be "unsatisfactory" and "substantially underestimating" AstraZeneca, according to a press release by the British company.

AstraZeneca advises its shareholders not to take any action, as there is nothing sure about a new offer.

The high proportion of payment in shares suggested by Pfizer and the changing structure of the fiscal residence to Great Britain have been left unchanged compared to the previous offer of the American group, it is shown in the press release.

Pfizer, the largest American drug producer, rose by over 4 billion pounds (7.2 billion dollars) the offer for taking over the British group AstraZeneca, to 63.1 billion pounds (106.5 billion dollars), trying to convince the British company to start negotiations, according to a press release published friday on Pfizer's website.

Thus, the American group offers £50/share for AstraZeneca, after the British company refused the previous proposal, of £ 46.61/share.

"Pfizer hopes that the higher price will motivate AstraZeneca to start negotiations about a possible merger of the two companies", it is shown in the press release.

The transaction proposed by Pfizer is to be concluded in cash and shares, the AstraZeneca shareholders receiving £ 15.98 and 1.845 Pfizer shares for every certificate owned.

Pfizer want this way to move its fiscal residence in Great Britain, where the profit tax is lower than in the USA. Therewith, the American group might take control over the important portofolio of experimental treatments against cancer, developed by AstraZeneca.

The British company announced that it would analyse the offer.

According to Bloomberg, the AstraZeneca shares were on the increase thursday in London by 3.2%, to £ 48.15, the company recording a market capitalization of £ 60.8 billion. On the other hand, the Pfizer certificates were Thursday in New York on the decrease by 0.4%.