News

AstraZeneca rejects Pfizer’s final bid of $118 billion

BY Michael Johnsen

NEW YORK — Pfizer on Sunday made a final offer valued at $118 billion for AstraZeneca. AstraZeneca, in turn, rejected the bid Monday morning. 

"Even assuming that other key aspects of any proposal had been satisfactory, … the price at which the board of AstraZeneca would be prepared to provide a recommendation would have to be more than 10% above the level contained in Pfizer’s [latest] proposal," stated Leif Johansson, AstraZeneca chairman. "The final proposal is a minor improvement that continues to fall short of the board’s view of value and has been rejected.”

According to Pfizer’s revised offer, AstraZeneca shareholders would receive, for each AstraZeneca share, 1.747 shares in the combined entity and 2,476 pence in cash, representing an indicative value of £55.00 per share (or approximately $92.60 per share). The revised offer represents an increase of approximately 15% over the value of Pfizer’s May 2 proposal. 

AstraZeneca’s rejection may represent the end of the discussion. "Pfizer will not make a hostile offer directly to AstraZeneca shareholders and will only announce an offer with the recommendation of the AstraZeneca board," Pfizer stated Sunday. 

“We believe our proposal is compelling for AstraZeneca’s shareholders and that a Pfizer-AstraZeneca combination is in the best interests of all stakeholders," said Ian Read, Pfizer chairman and CEO. "We have tried repeatedly to engage in a constructive process with AstraZeneca to explore a combination of our two companies. Following a conversation with AstraZeneca earlier, … we do not believe that the AstraZeneca board is currently prepared to recommend a deal at a reasonable price. We remain ready to engage in a meaningful dialogue, but time for constructive engagement is running out. We have said from the beginning that we will remain disciplined in the price we are willing to pay, and we will not depart from that guiding principle. We believe that our proposal represents compelling and full value for AstraZeneca and that other issues that have been raised by AstraZeneca do not represent material difficulties.” 

Sunday’s offer represents the fourth proposal Pfizer has made. 

 

 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

Hershey showcases new products at Sweets & Snacks expo

BY Ryan Chavis

CHICAGO — In an effort to highlight its commitment to consumer preferences and tastes, Hershey is debuting a range of innovative confections this week at the National Confectioners Association’s Sweets & Snacks Expo in Chicago.

One of the new treats includes Ice Breakers Cool Blasts Chews, a mint-and-gum duo that gives the consumer an icy blast in the form of a dissolving chew. The product — available beginning September 2014 — is a new spin on the Ice Breakers brand and fills a changing consumer need as traditional gum sees a decline and the mint category enjoys growth.

"Consumers are at the center of all that we do at Hershey, and their preferences, needs and tastes drive our product innovation," said Michael Wege, SVP and chief growth and marketing Officer for the Hershey Co. "These new products are a direct result of a creative and innovative industry-changing pipeline that focuses on consumer trends. With more than 80 brands around the world, the Hershey Co. responds to diverse consumer needs to create a robust portfolio of innovative chocolate and confection products."

Reese’s Spreads also are taking the spotlight following the success of the company’s line of Hershey Spreads. The new spread will retail for $3.89 and will appear on retail shelves in December 2014. Other products being announced at the show include:

  • Hershey’s Spreads Snacksters Graham Dippers, an on-the-go package that combines Hershey’s Spreads Chocolate with Graham Dippers. Available in a 1.8-oz. package for a suggested retail price of $1.49. Available May 2014;
  • York Minis, a bite-sized version of the peppermint and smooth dark chocolate treat. York Minis will be available in 2.5-oz. King Size (SRP $1.69) and 8-oz. Stand-up Pouch (SRP $3.29). Available May 2014;
  • Brookside Crunchy Clusters, clusters of multigrain and fruit-flavored centers with sweetened cranberry bits, covered in dark chocolate. Brookside Crunchy Clusters will be available in 2.5-oz. (SRP $2.29) and 5-oz. (SRP $3.89) bags. Available December 2014;
  • Twizzlers Pull ‘n’ Peel Fruit Punch Twists, which grape, cherry and orange flavors. The product will be available in 2-oz. (SRP $.59) and 11-oz. (SRP $1.75) bags. Available December 2014;
  • Twizzlers Strawberry Lemonade Filled Twists. Strawberry and lemonade flavors combine to bring consumers a strawberry flavor with a touch of lemon flavor. Available in 1.9-oz. (SRP $.59) and 11-oz. (SRP $1.75) bags. Available December 2014.

 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

New SPF 30+ sunscreen for kids features all-natural bug repellant, glitter

BY Antoinette Alexander

FORT LAUDERDALE, Fla. — GlitterTots has introduced its new Jungle Screen, which uses all natural ingredients, including lemongrass, citronella, cedar and peppermint oils, to prevent bugs from biting, all while providing broad spectrum sun protection. And, of course, it also features glitter.

Jungle Screen is not just fun to wear, it’s also designed to be fun to apply. Delivered in a roll-on bottle, Jungle Screen’s Roll n’ Rub technology, kids can “roll it on and rub it in” themselves, and the safari gold glitter will let them, and parents know if they’ve missed a spot. It also has a fresh Summer Woods scent.

“Sparkle Screen launched less than a year ago, and the response has been beyond amazing. We are so proud to be in more than 500 stores in just a few months; from dermatology offices to boutiques, resorts and surf shops, all around the globe,” stated Meredith Madsen, co-founder and CEO.

Jungle Screen’s glitter is a non-metallic, BPA-free plastic glitter, so it is safe for even the littlest ones. It is made in the United States and is both paba- and paraben-free. It contains only natural broad-spectrum UVA and UVB protection.
 

 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?