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.