Pfizer considering higher offer for AstraZeneca

13th May 2014 06:50

US pharmaceutical giant Pfizer is said to be planning to raise its cash-and-shares offer for UK rival AstraZeneca again.According to Bloomberg, which cited unnamed sources, Pfizer could sweeten its bid to "modestly above" the current £50-a-share level, while lifting the cash portion of the offer.However, the company will likely wait to increase its bid until after government hearings in the UK.AstraZeneca turned down the initial 4,661p cash-and-shares offer in January, following which Pfizer hiked its bid to an equivalent of 5,000p a share on May 2nd, valuing the UK group at around £62.6bn.According to analysts at Panmure Gordon last week, "a bid of £55 per share [is] easily achievable for Pfizer".Bloomberg's sources said that Pfizer is now putting together a higher bid before it considers whether to take its takeover attempt hostile by putting forward the offer directly to shareholders.The report comes as British lawmakers get set to question Pfizer's Scottish-born Chief Executive Ian Read about acquisition plans at a government hearing on Tuesday.BC