Pfizer offered $120 billion, or $92.51 a share, on Sunday after AstraZeneca turned down each previous takeover proposal. AstraZeneca said Sunday it made clear to Pfizer that the U.S. company would have to make an offer at least 10% greater than the approximately $90 a share it proposed on Friday, according to The Wall Street Journal.
This would mandate an offer of approximately $99, but Pfizer came back a few hours later with its allegedly final offer of $92.51, which could mark the end of the potential transatlantic merger.
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The stock was down 9.88% to $72.35 at 11:03 a.m.
Separately, 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 a number of 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 revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."