Saturday 3 May 2014

Another "bump" to come from Pfizer?

So Pfizer's new indicative offer for AstraZeneca came in yesterday at £50.00 a share.

Funny that, because £50.00 a share is exactly the same price I mentioned in the blog posting I published when Ben Marlow of The Sunday Times broke the original story about Pfizer having approached the FTSE 100 company a few months ago. Here is a link to the original blog posting:

Back then - January 5 2014 to be precise - Pfizer submitted an indicative offer of £46.61 a share for AstraZeneca, which was promptly rejected by the British company's board.

However, discussions between both companies continued until January 14, so I am presuming Pfizer indicated in mid-January to AstraZeneca it could be willing to offer as much £50.00 a share after originally submitting a £46.61 a share indicative offer on January 5.

Quite why it has taken to until now for Pfizer to formally offer £50.00 a share remains a bit of a mystery.

Still, given all of the above surely there is at least another "bump" (risk arbitrageur parlance for another raised offer) or two to come from Pfizer?

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