Ian C. Read’s Pfizer Offer, For AstraZeneca: Now Clearly HOSTILE. Sheesh.

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New Merck, Reviewed

Okay. This is wild , as I would have guessed Mr. Read was smarter than this — or at least less stubborn . Pig-headed , actually.

He just went hostile. Open, notorious and hostile — on AZ’s board — at north of $100 billion. Wow. His April 28 letters are plainly a suggestion that he will consider going directly to AZ shareholders — i.e., a proxy fight. This, my friends, is hostile takeover talk:

. . . .We made our intentions public to communicate what we believe are the benefits of a potential combination to shareholders of both companies, and to make clear to all our stakeholders the many advantages such combination of Pfizer and AstraZeneca would present. And we believe pursuing a potential transaction would support our recent reorganization into three new commercial businesses. . . .

Next steps really depend on the response we get…

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