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.