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Pfizer Inc makes final proposal to AstraZeneca PLC

Sunday, 18 May 2014 05:03pm EDT 

Pfizer Inc:Announces its final proposal to combine Pfizer and AstraZeneca.This is fourth proposal Pfizer has made and Pfizer believes that this final proposal provides clear basis for AstraZeneca to extend period for making firm offer under Code and to meaningfully engage with Pfizer.Under terms of final proposal AstraZeneca shareholders would receive, for each AstraZeneca share, 1.747 shares in combined entity and 2,476 pence in cash, representing an indicative value of 55.00 pounds ($92.53) per share.This proposal is final and will not be increased, except in the circumstances set out below.Relative to Pfizer's 2 May proposal, final proposal represents.An increase of cash consideration of 8.78 pounds per share, or 11.3 bln pounds.An increase in cash component as a proportion of total consideration from 33 pct. to about 45 pct.A substantial increase in current indicative value of about 15 pct.An aggregate increase in total current indicative value of about 9.1 bln pounds or $15.3 bln.Under final proposal, Pfizer and AstraZeneca shareholders would own about 74 pct. and 26pct., respectively, of the combined company.