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AstraZeneca shareholder calls on board to reverse Pfizer takeover bid rejection AstraZeneca shareholder calls on board to reverse Pfizer takeover bid rejection
(35 minutes later)
A major AstraZeneca shareholder has called on the Anglo-Swedish drugs company to reverse its rejection of US rival Pfizer's £69bn takeover.A major AstraZeneca shareholder has called on the Anglo-Swedish drugs company to reverse its rejection of US rival Pfizer's £69bn takeover.
Schroders, which is one of AstraZeneca's 20 biggest investors, said it was disappointed with the company's "premature" rejection of Pfizer's final £55-a-share offer on Monday morning and called on bosses to "recommence their engagement with Pfizer".Schroders, which is one of AstraZeneca's 20 biggest investors, said it was disappointed with the company's "premature" rejection of Pfizer's final £55-a-share offer on Monday morning and called on bosses to "recommence their engagement with Pfizer".
"Schroders notes with disappointment the quick rejection by the AstraZeneca board of the latest offer from Pfizer and the decision of the Pfizer board to draw a premature end to these negotiations by calling their latest proposal final," Sue Noffke, manager of Schroders Prime UK equity fund, said."Schroders notes with disappointment the quick rejection by the AstraZeneca board of the latest offer from Pfizer and the decision of the Pfizer board to draw a premature end to these negotiations by calling their latest proposal final," Sue Noffke, manager of Schroders Prime UK equity fund, said.
"As long-term shareholders, we are strong believers in AstraZeneca and the potential for its innovative growth pipeline, however, given the increase in the offer we would encourage the AstraZeneca management to recommence their engagement with Pfizer, and subsequently their shareholders.""As long-term shareholders, we are strong believers in AstraZeneca and the potential for its innovative growth pipeline, however, given the increase in the offer we would encourage the AstraZeneca management to recommence their engagement with Pfizer, and subsequently their shareholders."
Schroders, which is AstraZeneca's 12th biggest shareholder with a 2% stake, joins other big shareholders AXA Investments and Jupiter Fund Management in publicly criticising AstraZeneca's management. A number of other big investors are also privately expressing anger at the board for rejecting Pfizer's £55-a-share offer without consulting investors.Schroders, which is AstraZeneca's 12th biggest shareholder with a 2% stake, joins other big shareholders AXA Investments and Jupiter Fund Management in publicly criticising AstraZeneca's management. A number of other big investors are also privately expressing anger at the board for rejecting Pfizer's £55-a-share offer without consulting investors.
Under City rules, the only way of resurrecting the deal would be if AstraZeneca's shareholders forced the company's board to reconsider the offer.Under City rules, the only way of resurrecting the deal would be if AstraZeneca's shareholders forced the company's board to reconsider the offer.
Ian Read, the Pfizer chairman and chief executive, has admitted that there is "nothing more we can do".Ian Read, the Pfizer chairman and chief executive, has admitted that there is "nothing more we can do".
A source close to Pfizer said the company would be amazed if AstraZeneca's shareholders put enough pressure on the board to force it to reconsider the £55-a-share offer before a Takeover Panel deadline on 26 May. "They would have to make an excruciatingly loud noise," the source said.A source close to Pfizer said the company would be amazed if AstraZeneca's shareholders put enough pressure on the board to force it to reconsider the £55-a-share offer before a Takeover Panel deadline on 26 May. "They would have to make an excruciatingly loud noise," the source said.
The protest would also have to drown out several big investors – including Aberdeen Asset Management, M&G Investments and Woodford Asset Management – who have spoken in support of AstraZeneca's management. The protest would also have to drown out several big investors – including Aberdeen Asset Management, M&G Investments and Woodford Asset Management – that have spoken in support of AstraZeneca's management.
AstraZeneca's shares, which fell 11% following the rejection of the bid on Monday, fell a further 1.25% to £42.34 on Tuesday morning.AstraZeneca's shares, which fell 11% following the rejection of the bid on Monday, fell a further 1.25% to £42.34 on Tuesday morning.