British drugmaker AstraZeneca said that there could be no further negotiation with U.S. suitor Pfizer on the value of a takeover proposal, in a statement which it said it issued to clarify the situation under UK takeover rules.
"This restriction that prevents further negotiation on value is a consequence of Pfizer's actions," AstraZeneca's chairman Leif Johansson said in the statement.
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The British company added that despite it indicating the price and other bases on which it would have been prepared to recommend a Pfizer proposal, the U.S. firm went ahead and made its final proposal announcement.
(Reporting by Sarah Young; editing by James Davey)