Elliott Management May Enter Fray On AstraZeneca, Pfizer MergerCristina Cantor (Author) Published Date : Jun 17, 2014 09:48 ET
AstraZeneca (AZN) could be pressured by hedge fund Elliott Management to reconsider its rejected merger with Pfizer (PFE), according to a report in the Daily Mail. The Mail reported Elliott Management, led by activist CEO Paul Singer, may be building a strategic stake in AstraZeneca to force to company to sit at the table with Pfizer. The AstraZeneca board has already spurned Pfizer's 69 billion pound offer, but the Mail noted there are already existing institutional shareholders accounting for a 9.5% stake in AstraZeneca, including Axa and Schroeders, who still want the marriage to be consummated. In afternoon trade, AZN was down 2.20% to $72.05, and PFE was up 0.71% to $29.78.
Elliott Management May Enter Fray On AstraZeneca, Pfizer Merger