Pfizer expected to be patient in face of AstraZeneca rejection

Pfizer Inc has already had its takeover overtures rebuffed three times by rival AstraZeneca Plc, but investors in the U.S. drugmaker say it can tolerate a little more rejection before going hostile with the deal. AstraZeneca turned down a sweetened Pfizer cash and stock offer on Friday that amounted to 63 billion pounds ($106 billion), or about 50 pounds per share, saying it substantially undervalued the British drugmaker. The raised offer followed unsolicited Pfizer approaches in late April and January. Investors and analysts say Pfizer needs to raise its offer as high as 52 to 55 pounds per share to close the deal, as well as increase the cash portion to as much as 50 percent from around 30 percent.



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