U.S. Markets open in 2 hrs 41 mins

Pfizer Ditches Sweetened Bid for Britain's AstraZeneca

Pfizer withdrew its sweetened bid for AstraZeneca on Monday, ending a takeover saga that began back in January. The pharmaceutical giant's most recent bid for AstraZeneca, valued at £69.4 billion, or $117 billion, had received a mixed response from shareholders. Some critics looked down upon Pfizer's intentions to move its tax domicile to the U.K. from the U.S. following a transaction. Pfizer can't come back with another bid for AstraZeneca for six months, but the company is allowed to begin discussions in three months if the target initiates it.