US drugs giant Pfizer has today confirmed it has contacted Britain's second-biggest drugmaker AstraZeneca over a potential multi-billion takeover bid.
The bid, which has the potential to be the largest takeover of a UK company by a foreign firm, is Pfizer’s second after an initial approach in January was rejected after "limited high-level discussions".
Pfizer said in a statement today that recent market developments had prompted it to approach AstraZeneca for a second time.
Pfizer said: "AstraZeneca again declined to engage. Pfizer is currently considering its options.”
“Pfizer is considering a possible transaction in which AstraZeneca shareholders would receive a significant premium for their AstraZeneca shares, to be paid in a combination of cash and shares in the combined entity.”
Pfizer said its initial offer in January was a combination of cash and shares worth £46.61 per AstraZeneca share.
Pfizer described the deal was "a highly compelling opportunity" for AstraZeneca's shareholders.
The combined firm would have management in both the US and the UK, but would list its shares on the New York Stock Exchange, Pfizer said.
