Advanced Corporate Finance Assignment Essay Example | Topics and Well Written Essays - 500 words

Advanced Corporate Finance Assignment - Essay Example Johansson declines to any more talks on a merger. Two days later, Pfizer decides to make its interest on AstraZeneca public. It reaches 2nd May, 2014, when Pfizer raises its offer to  £63bn to AstraZeneca. The offer was attached with the pledge for Pfizer to attach its European operations in and 20% of the merged companys workforce be located at Cambridge for the first five years. Still there was a rejection of this second offer by AstraZeneca. AstraZeneca goes ahead on 6th May, 2014, to publish a strategy update that highlighted its drugs in development. On 7th May, there was a call to issue a stronger reassurance by Pfizer. This followed the unrest over the political pressure of job losses and cut on the UK science researchers. A day later, the former science Minister, Lord Sainsbury accuses Pfizer of being an asset stripper, hence urges that the companys takeover interest should be blocked. On 10th May, Read, in a video, on the official Pfizer website, refers to the merger as a win-win situation and prefers the use of AstraZenecas Cambridge science hub and the UKs science researchers in general. Pascal Soriot, who is the chief executive of AstraZeneca, says the merger would risk lives by delaying drug development. Read then admits that the merger would for sure lead to job cuts and reduced research spending. The chair of this committee then writes to the science minister expressing his concerns over the merger case. On 16th May, there was an increased bid by the labors shadow business secretary to block Pfizer from the takeover. The government officials, on 18th May, agreed to amend the terms of the British governments public interest test. In this light, only ministers were allowed to block takeovers after adequate concerns were raised against the takeover. On the same day, Pfizer raised its offer to  £69.4bn which makes AstraZeneca to be very eager to get back into the negotiations. However, AstraZeneca still rejected the last