????阿斯利康制藥公司（AstraZeneca）拒絕了美國制藥巨頭輝瑞制藥公司（Pfizer）追加后的收購報價，輝瑞制藥公司此前曾經表示這是它對這場收購的最終報價。

????阿斯利康制藥公司表示追加到1,170億美元后的收購價依然太低，這場可能成為英國公司最大外資并購的交易因而遭遇了阻礙。

????阿斯利康制藥公司董事長雷夫?約翰松在一份聲明中稱：“最終報價較之前提升有限，仍然低于董事會對公司價值的判斷，因而已經被拒絕。”

????輝瑞制藥公司稱這是最終報價，而且不會發起惡意收購來吸引股東。根據英國的收購法律，這筆交易將于5月26日終止，除非阿斯利康制藥公司的董事會同意談判并延長期限。

????“我們仍然愿意進行有意義的對話，但是建設性接觸的時間已經結束了，”輝瑞制藥公司的首席執行官伊恩?瑞德在一份聲明中說。“我們認為阿斯利康制藥公司的董事會目前還沒有準備好要進行一場價格合理的交易。”

????輝瑞制藥公司這次的最新出價在5月2日的基礎上提高了10%，其中包括更高比例的現金，從而令阿斯利康制藥公司的股東獲得了更高額的直接付款。根據此次提供的分別占45%和55%的現金加股票報價，輝瑞制藥公司的股東將會持有合并后公司74%的股份，而阿斯利康制藥公司的股東將會持有其余股份。

????“作為一家獨立的公司，阿斯利康制藥公司資產的所有價值都將歸于我們的股東，”約翰松說。“在輝瑞制藥公司的最后報價下，這份價值將會被大大稀釋。”

????阿斯利康制藥公司的約翰松認為，接近92美元每股的報價并沒有將它正處于研發過程中的藥物價值考慮在內。然而Leerink Research研究機構的一位分析師謝默斯?費爾南德茲表示，阿斯利康制藥公司的許多高價值資產已經被囊括在這份報價內了。

????阿斯利康制藥公司新藥物的價值，包括七種接近批準階段的癌癥藥物和兩種估值偏低的呼吸系統藥物，“目前已經在輝瑞制藥公司的報價中得到了充分體現。”費爾南德茲表示。

????搬到稅率較低的英國預計將為輝瑞制藥公司節省數十億美元，為此合并公司的股東中至少要有20%是阿斯利康制藥公司的原股東。這限制了輝瑞制藥公司出價中可以降低的股票比例。

????英國的立法委員們一直對這份報價感到不滿，要求輝瑞制藥公司的首席執行官承諾將會保護當地就業和投資英國的研發設施。輝瑞制藥公司一直致力于維持自己在英國20%的研發人員，并且將會完善由阿斯利康制藥公司發起的位于劍橋（Cambridge）內的創新學院。

????星期一上午，在倫敦交易所上市的阿斯利康制藥公司股票暴跌了11%，成為它16年多以來最大的單日跌幅。（財富中文網）

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????AstraZeneca has (AZN) rejected a sweetened takeover offer from Pfizer (PFE) in what the U.S. drug giant said was its final attempt to initiate a mega-merger.

????AstraZeneca said the increased $117 billion takeover bid was still too low, blocking a deal that would have been the biggest foreign acquisition of a U.K. company.

????"The final proposal is a minor improvement which continues to fall short of the board's view of value and has been rejected," Leif Johansson, chairman of AstraZeneca, said in a statement.

????Pfizer said this is its final offer and it will not appeal to shareholders with a hostile bid. The deal expires on May 26 according to U.K. takeover law unless AstraZeneca's board engages and extends the deadline.

????"We remain ready to engage in a meaningful dialogue but time for constructive engagement is running out," Ian Read, CEO of Pfizer, said in a statement. "We do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price."

????The upped bid is 10% more than Pfizer's May 2 offer and includes a larger share of cash, which would give AstraZeneca's shareholders a higher immediate payout. Based on the cash-and-stock offer, 45% and 55% respectively, Pfizer shareholders would hold 74% of the combined company while AstraZeneca shareholders would hold the remaining equity.

????"As an independent company, the entire value of AstraZeneca's pipeline will accrue to our shareholders," said Johansson. "Under Pfizer's final proposal, this value would be significantly diluted."

????AstraZeneca's Johansson argues that the almost $92-a-share offer doesn't account for the value of its drugs in development. However, many of its high-value pipeline announcements have been made, said Seamus Fernandez, an analyst with Leerink Research.

????The value of AstraZeneca's pharmaceutical innovations, which include seven cancer drugs nearing approval and two undervalued respiratory treatments, is "now fully realized with Pfizer's offer," said Fernandez.

????In order to move the company to the U.K. for a lower tax rate, which is expected to save Pfizer billions, at least 20% of the combined company's shareholders must be from AstraZeneca's original owners. This limits how low Pfizer can drop the stock proportion of its offer.

????U.K. lawmakers have been critical of the offer and sought promises that Pfizer's CEO would protect local jobs and invest in research and development facilities in the country. Pfizer has committed to keeping 20% of its R&D staff in the U.K. and will complete the innovation campus in Cambridge started by AstraZeneca.

????AstraZeneca's stock plunged 11% Monday morning in London, the largest intraday drop in more than 16 years.