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Pfizer new 'final' offer rejected by AstraZeneca

19 May 2014 Last updated at 18:46 BST

UK drugs company AstraZeneca has rejected an improved "final" takeover offer from US drugs giant Pfizer.

Pfizer had made a new offer of £55 per share, valuing AstraZeneca at about £69bn.

But AstraZeneca says the new proposal "undervalues the company and its attractive prospects".

Kamal Ahmed reports.