Market Overview

Pfizer Could Revive AstraZeneca Bid As Early As Tuesday

Share:
Related PFE
The Generic Drug Battle
BoA Adds Pfizer To US 1 List; It 'Won't Keep You Up At Night'
Income Investors: Are You Prepared To Ride Out The Remainder Of This Storm? (Seeking Alpha)

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