Pfizer Inc. (PFE) is on the verge of abandoning, for now, its effort to buy AstraZeneca Plc (AZN) for 69.4 billion pounds ($117 billion) in what would have been the biggest deal ever in the drug industry.
The deadline for Pfizer to make a firm offer arrives today, and the New York-based drugmaker almost certainly will announce that it won’t do so, said a person familiar with the plan who asked not to be identified because the process is confidential
EXTREMELY glad merger is not going through! What a joke of a bid. AZN shareholders are out a lot of $ and PFE will go up now that this bid has been turned down. Upper management needs to be changed in PFE for making such a crazy bid.