U.S. drugmaker Pfizer (PFE) will need to raise its bid for AstraZeneca (AZN.L) to around $105-110 billion and increase the proportion of cash in the offer to win its British rival, investors believe. After showing his hand and pressuring his smaller competitor on Monday by disclosing two bid approaches, both of which were rebuffed, Pfizer CEO Ian Read has until May 26 to "put up or shut up" under UK takeover rules. Importantly, after a jump in Pfizer shares, Read knows he has the backing of many of his own shareholders, while the threat of a counterbid does not appear imminent. AstraZeneca said that offer fell "very significantly" short and it specifically flagged the small cash component, which would leave investors exposed to the risks faced by Pfizer in executing an ambitious mega-merger.
via Business News - Yahoo Finance http://ift.tt/1jdjz1Z
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