tag:blogger.com,1999:blog-26981669.post263254816537764542..comments2024-03-23T10:55:30.196-05:00Comments on Cold Fusion Guy: Behind Pfizer's bid for AstraZeneca - flee high US Corporate taxesJim Peethttp://www.blogger.com/profile/07649414726939918803noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-26981669.post-41095925715371664642014-05-01T22:19:03.746-05:002014-05-01T22:19:03.746-05:00Also: In Drug Mergers, There's One Sure Bet: T...Also: <a href="http://online.wsj.com/news/articles/SB10001424052702304393704579532141039817448?KEYWORDS=pfizer+layoffs&mg=reno64-wsj" rel="nofollow">In Drug Mergers, There's One Sure Bet: The Layoffs</a>Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.comtag:blogger.com,1999:blog-26981669.post-28123755961590792802014-05-01T22:17:10.087-05:002014-05-01T22:17:10.087-05:00Update: Pfizer Enters Takeover Discussions With As...Update: <a href="http://online.wsj.com/news/articles/SB10001424052702304677904579536663588917896?mod=WSJ_hp_LEFTTopStories&mg=reno64-wsj" rel="nofollow">Pfizer Enters Takeover Discussions With AstraZeneca, Sources Say</a>:<br /><br /><i>The terms of the informal offer from New York-based Pfizer couldn't be learned. Its earlier approach, which was rejected, valued AstraZeneca at nearly $100 billion.<br /><br />The renewed discussions suggest that the two sides might be getting closer to striking a friendly deal, though there is no guarantee they will go anywhere.<br /><br /></i>Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.comtag:blogger.com,1999:blog-26981669.post-88707525199352593792014-05-01T15:01:53.818-05:002014-05-01T15:01:53.818-05:00More and interesting: Pfizer Looks for a Quick Str...More and interesting: <a href="http://dealbook.nytimes.com/2014/05/01/pfizer-looks-for-a-quick-strike-on-astrazeneca/" rel="nofollow">Pfizer Looks for a Quick Strike on AstraZeneca</a><br /><br /><i>Pfizer has one good reason to go hostile if Astra does not budge. Walking away would expose it to the risk that the United States government changes its fiscal regime. Then Pfizer could no longer take advantage of the possibility to “invert” its tax domicile into Britain through the takeover.<br /><br />Hostile deals are not unprecedented in the pharmaceutical industry. But they have costs. Typically, they require a 10 percent bump in price compared with 5 percent to 7 percent in negotiated deals, according to one top banker. Moreover, the bidder cannot review the target’s books and thus assess its true worth.<br /><br />Britain’s Takeover Panel sets a 60-day limit for the acceptance of offers and allows an additional 21 days for the deal’s various conditions to be met. It grants an extension only if the target company wants one. If a hostile Pfizer did not secure all regulatory approvals in 81 days, the bid would lapse. Alternatively, waiting for approval first would give AstraZeneca more time to build its defense. With possible Chinese clearance needed, the process could drag. Pfizer will therefore want a friendly deal completed as quickly as possible.</i>Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.comtag:blogger.com,1999:blog-26981669.post-53682640661140433632014-04-29T09:59:48.875-05:002014-04-29T09:59:48.875-05:00more.
Because a key goal of the planned takeover...<a href="http://finance.yahoo.com/news/pfizer-may-pay-more-cash-140525183.html" rel="nofollow">more</a>. <br /><br />Because a key goal of the planned takeover is to get the tax advantages of re-domiciling the enlarged group in Britain, there is a limit to how much cash Pfizer can offer, since at least 20 percent of its shareholders are required to be UK-based.Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.com