AstraZeneca rejects £69bn bid from Pfizer
UK drug company AstraZeneca has turned down the "final" takeover bid of £69 billion from US rival Pfizer.
Pfizer upped its offer to £55 per share, valuing the company at £69bn. However, AstraZeneca says the offer "undervalues the company and its attractive prospects."
Since Pfizer announced its bid to take over the UK company, there have been concerns it would undermine British research and result in job losses.
Pfizer has said its improved offer was final and will not be increased.