Pfizer won’t take no for an answer

Amidst several indications that Pfizer will launch a hostile bid for AstraZeneca if necessary, this quote stands out:

Asked whether hostile moves could hurt integration of the two companies, Chief Executive Ian Read said, “No, in my opinion, all it does is delay the planning.”

Well, it might also raise the price tag a bit.  The U.K. government (after some backpedaling) and labor unions are not sounding too enthusiastic, either.  It will take some serious job guarantees to get them behind the deal.  Pfizer’s revenue and profits were down significantly in today’s earnings report, which may add to their determination to do a deal.  Stay tuned…

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