Pfizer considers raising bid for AstraZeneca -Bloomberg

Mon May 12, 2014 8:23pm EDT

May 12 (Reuters) - Pfizer Inc is planning to return with a higher bid for British rival AstraZeneca Plc before the U.S. drugmaker considers going hostile, Bloomberg reported on Monday, citing people familiar with the matter.

The new offer will increase the value modestly above the current 50 pounds ($84.36) per share level while increasing the cash portion, two people familiar with the matter told Bloomberg. (r.reuters.com/deg39v)

Both Pfizer and AstraZeneca could not be reached for comment outside of business hours.

On May 2, AstraZeneca turned down a sweetened Pfizer cash and stock offer that valued the British company at 63 billion pounds ($106 billion). ($1 = 0.5927 British Pounds) (Reporting by Mridhula Raghavan in Bangalore; Editing by Mohammad Zargham)

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