US pharmaceutical firm Pfizer Inc is mounting another attempt to take over British competitor AstraZeneca Plc, the company has said.
A bid of $117 billion dollars is the final offer, Pfizer said, after previous offers had been rejected by the AstraZeneca management.
“We have tried repeatedly to engage in a constructive process with AstraZeneca,” Pfizer Chief Executive Ian Read said.
“Following a conversation with AstraZeneca earlier today, we do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price. We remain ready to engage in a meaningful dialogue but the time for constructive engagement is running out.”
AstraZeneca employs 50,000 people worldwide, including 6,700 in Britain. Pfizer’s workforce of 70,000 includes 2,500 in Britain. A previous offer of $106 billion was turned down.