Pfizer Could Revive AstraZenica Bid As Early As Tuesday

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Pfizer Inc.
PFE
could revive its failed effort to acquire AstraZeneca PLC
AZN
as early as Tuesday under British rules on mergers and acquisitions. Pfizer is also mulling the acquisition of Actavis plc
ACT
, although it continues to prefer AstraZenica, according to unnamed sources cited by Bloomberg. AstraZenica gained more than 2 percent and Actavis was up by nearly as much in morning trading Thursday. Pfizer is intent on obtaining a foreign headquarters in a so-called tax inversion, and wants to expand its portfolio of development drugs. Both potential targets are overseas based. Pfizer's $116 billion bid for AstraZenica was rebuffed in May and waiting rules in Britain require Pfizer to hold up for six months before again approaching AstraZenica for further discussions. But after three months, Pfizer is allowed to make an outright offer if its convinced the bid is likely to be accepted. The three-month period expires Tuesday. Pfizer traded recently at $28.84 a share, down 0.2 percent.
Posted In: NewsRumorsM&AIntraday Update
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