New York City-based Pfizer, one of the largest pharmaceutical companies in the world, seems to have been flummoxed in its move to reincoroporate as a British company after its “final” bid to buy U.K.-based AstroZeneca was rejected. From the New York Times:
The latest offer, made Sunday evening, was worth about $119 billion. On Monday, AstraZeneca said the increased bid “undervalues the company and its attractive prospects.”
Pfizer proposed the takeover in part so it could move its legal base of operations across the Atlantic and avoid United States corporate taxes. But for now it looks like the cholesterol- and erection-pill behemoth will remain 100% red, white, and blue. USA!
