Jupiter "disappointed" at AstraZeneca's rejection of Pfizer bid

LONDON Mon May 19, 2014 6:04am EDT

LONDON May 19 (Reuters) - Britain's Jupiter Fund Management , a top-30 shareholder in UK pharmaceuticals giant AstraZeneca, said it is disappointed with the firm's rejection of U.S. rival Pfizer 's final takeover offer.

"We are disappointed the board of AstraZeneca has rejected Pfizer's latest offer so categorically. They should have at least engaged in a constructive conversation with Pfizer on the details of the offer to assess the opportunities that a combined entity could bring." said Jupiter fund manager Alastair Gunn.

"There now seems little room left to manoeuvre with Pfizer having ruled out a hostile bid. We will be expressing our dissatisfaction to the AstraZeneca board over the way the bid process has been handled up to now."

Pfizer had sought to create the world's largest drugs company but met entrenched opposition from AstraZeneca, while many British politicians and scientists had expressed worries about cuts to jobs and research in Britain. (Reporting By Jemima Kelly; Editing By Chris Vellacott)

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