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輝瑞加價(jià)10%收購阿斯利康仍遭拒

輝瑞加價(jià)10%收購阿斯利康仍遭拒

Laura Lorenzetti 2014年05月22日
輝瑞將最終的收購價(jià)追加到了1170億美元,比初始報(bào)價(jià)高了一成,但英國阿斯利康依然覺得價(jià)格太低,拒絕接受,這場原本有望成為英國歷史上最大規(guī)模外資并購案的交易很可能因此流產(chǎn)。

????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(bào)價(jià),輝瑞制藥公司此前曾經(jīng)表示這是它對這場收購的最終報(bào)價(jià)。

????阿斯利康制藥公司表示追加到1,170億美元后的收購價(jià)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(bào)價(jià)較之前提升有限,仍然低于董事會對公司價(jià)值的判斷,因而已經(jīng)被拒絕。”

????輝瑞制藥公司稱這是最終報(bào)價(jià),而且不會發(fā)起惡意收購來吸引股東。根據(jù)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?nèi)匀辉敢膺M(jìn)行有意義的對話,但是建設(shè)性接觸的時(shí)間已經(jīng)結(jié)束了,”輝瑞制藥公司的首席執(zhí)行官伊恩?瑞德在一份聲明中說?!拔覀冋J(rèn)為阿斯利康制藥公司的董事會目前還沒有準(zhǔn)備好要進(jìn)行一場價(jià)格合理的交易?!?/p>

????輝瑞制藥公司這次的最新出價(jià)在5月2日的基礎(chǔ)上提高了10%,其中包括更高比例的現(xiàn)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(jù)此次提供的分別占45%和55%的現(xiàn)金加股票報(bào)價(jià),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(dú)立的公司,阿斯利康制藥公司資產(chǎn)的所有價(jià)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(bào)價(jià)下,這份價(jià)值將會被大大稀釋?!?/p>

????阿斯利康制藥公司的約翰松認(rèn)為,接近92美元每股的報(bào)價(jià)并沒有將它正處于研發(fā)過程中的藥物價(jià)值考慮在內(nèi)。然而Leerink Research研究機(jī)構(gòu)的一位分析師謝默斯?費(fèi)爾南德茲表示,阿斯利康制藥公司的許多高價(jià)值資產(chǎn)已經(jīng)被囊括在這份報(bào)價(jià)內(nèi)了。

????阿斯利康制藥公司新藥物的價(jià)值,包括七種接近批準(zhǔn)階段的癌癥藥物和兩種估值偏低的呼吸系統(tǒng)藥物,“目前已經(jīng)在輝瑞制藥公司的報(bào)價(jià)中得到了充分體現(xiàn)?!辟M(fèi)爾南德茲表示。

????搬到稅率較低的英國預(yù)計(jì)將為輝瑞制藥公司節(jié)省數(shù)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(jià)中可以降低的股票比例。

????英國的立法委員們一直對這份報(bào)價(jià)感到不滿,要求輝瑞制藥公司的首席執(zhí)行官承諾將會保護(hù)當(dāng)?shù)鼐蜆I(yè)和投資英國的研發(fā)設(shè)施。輝瑞制藥公司一直致力于維持自己在英國20%的研發(fā)人員,并且將會完善由阿斯利康制藥公司發(fā)起的位于劍橋(Cambridge)內(nèi)的創(chuàng)新學(xué)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(cái)富中文網(wǎng))

????譯者:skins

????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.

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