No prospect of Pfizer deal, says Astra CEO
Leif Johansson also said it was Pfizer, not AstraZeneca, that called an end to discussions on Sunday about a potential takeover to create the world’s largest pharmaceuticals company.
Mr Johansson said he and AstraZeneca chief executive Pascal Soriot had spoken with Pfizer CEO Ian Read for more than an hour on Sunday afternoon.
“We spent the whole of the weekend engaging, culminating in a telephone discussions with Ian Read and the (Pfizer) chief financial officer on Sunday afternoon, together with me and our chief financial officer and CEO,” Mr Johansson said. “It was not us that closed negotiations on Sunday.”
At the time, the sides were still discussing an offer submitted on Friday night worth £53.50 (€65.60) a share. Mr Johansson said he was given no notice that another offer was coming at £55, valuing the business at £69bn.
AstraZeneca’s board had previously made clear it would not consider a bid below £58.85 a share, Mr Johansson said.
Asked if he now envisaged any possibility of a deal getting done within the next week or an agreement being reached to extend the deadline, which is something AstraZeneca could request, he said:
“No, I don’t. I think the language is very clear in Pfizer’s letter that this is their absolute last and final (offer). I think the (UK) Takeover Panel might hold them to that.”
AstraZeneca ran into flak from shareholders on Monday, many of whom are angered at its decision not to negotiate with Pfizer and the resulting slump in the company’s share price.
But Mr Johansson, who is talking to many investors in the wake of the rejection, insisted that AstraZeneca had actually engaged with Pfizer over a considerable period of time, including a visit by top executives to New York in January when the matter was still confidential.
AstraZeneca shares plunged £5.36 to £42.875 yesterday.
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