Market Overview

Pfizer Could Revive AstraZeneca Bid As Early As Tuesday

Related PFE
Will The New Pfizer Be A Winner? SunTrust Analyst Thinks So, Upgrades Stock
EXCLUSIVE: FBB's Mike Bailey On Pfizer-Allergan Deal, Taxes, Rate Hike And Biotech Picks
Biotechs Weaken, But These Names Have Bullish Charts (Investor's Business Daily)

Pfizer (NYSE: PFE) could revive its failed effort to acquire AstraZeneca (NYSE: AZN) as early as Tuesday under British rules on mergers and acquisitions.

Pfizer is also mulling the acquisition of Actavis (NYSE: ACT), although it continues to prefer AstraZeneca, according to unnamed sources cited by Bloomberg.

AstraZeneca gained three percent and Actavis was up by nearly as much Thursday morning trading.

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 AstraZeneca was rebuffed in May and waiting rules in Britain require Pfizer to hold up for six months before again approaching AstraZeneca 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 $28.76, down 0.43 percent.

Posted-In: News Rumors M&A Intraday Update


Related Articles (AZN + ACT)

View Comments and Join the Discussion!

Get Benzinga's Newsletters