Breaking News Update: AstraZeneca Turns Down Pfizer's Final Offer
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AstraZeneca has turned down Pfizer's final offer of $116 billion. Pfizer made it apparent last night in a conference call that this would be their last offer. Sweden's government urged AstraZeneca's shareholders to turn down the offer last Friday due to fears that the potential hostile takeover would hurt the largest Nordic economy. Sweden's Finance Minister Anders Borg stated “There’s a worry that tax-driven deals can result in that potential profits will be achieved through cost cuts.” Also, AstraZeneca's Chairman reiterated this sentiment today when he criticized Pfizer's approach "Pfizer has failed to make a compelling strategic, business or value case... "
