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Pfizer ditches pursuit of AstraZeneca

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Pfizer has given up on its attempt to take over the British pharmaceutical company, AstraZeneca.

The American drug maker announced Monday that it was withdrawing its latest in a series of unsolicited offers.


That bid valued AstraZeneca at nearly $120 billion, a 45% premium over the company's share price in mid-April.


AstraZeneca's board repeatedly said that Pfizer's offers were not sufficient -- it rejected Pfizer's offers four times over the past few weeks.


'We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us,' said Pfizer in a written statement.


U.K. takeover rules stipulate that companies seeking to make an acquisition must either make a formal offer or leave the target company alone after 28 days of making an initial approach. In this case, Pfizer faced a deadline of 5 p.m. London time.


First Published: May 26, 2014: 11:03 AM ET


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