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AstraZeneca rejects new Pfizer proposal

2 May 2014 Last updated at 18:59 BST

UK drugs firm AstraZeneca has rejected the new takeover offer from Pfizer.

The US company had earlier raised the price it was offering for AstraZeneca to the equivalent of £50 a share, valuing the firm at £63bn.

But Astra said the new terms offered were, "inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer".

The BBC's Business Editor Kamal Ahmed reports.