NEW YORK (TheStreet) -- Shares of AstraZeneca Plc (AZN) are up 1.59% to $79.11 in pre-market trade as it has been reported that Pfizer (PFE) is planning to sweeten its bid for its U.K. rival for a second time, sources told Bloomberg.
Pfizer and its advisers are said to be crafting a new offer that would increase the value modestly above the current nearly $84 level while bumping the cash portion. Pfizer will probably wait until after U.K. government hearings to raise its bid, Bloomberg reports.
Pfizer is putting together a sweetened offer before it considers whether to make a hostile takeover attempt by bringing its proposal directly to AstraZeneca's shareholders, sources added.
TheStreet Ratings team rates ASTRAZENECA PLC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ASTRAZENECA PLC (AZN) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."