During an investment conference organized by Goldman Sachs, Pfizer CFO Frank D’Amelio said the company’s $117 billion bid for AstraZeneca failed because of price.
According to D’Amelio, Pfizer set a ceiling for how much it would pay for London-based AstraZeneca and wasn’t willing to go over that limit.
The potential deal, squashed in late May, would have lowered NY-based Pfizer's tax rates, by moving its official headquarters to London. Under British takeover rules, Pfizer is not permitted to make another offer for AstraZeneca for six months.
Read the Bloomberg piece