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Pfizer walks away from AstraZeneca takeover attempt
Pfizer walks away from AstraZeneca takeover attempt

Pfizer Inc. said Monday that it had abandoned its current attempt to buy AstraZeneca PLC for nearly $118 billion — a deal watched warily by Maryland officials — as a deadline approached without a last-minute change of heart by the British drugmaker. Pfizer had until 5 p.m. Monday to make a firm offer or walk away, under United Kingdom takeover rules. Its decision to withdraw, at least for now, had been widely expected after AstraZeneca refused its offer of about $92.50 a share. "Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," Pfizer said in a short news release. The decision...

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