The stories you want. The opinions that matter.
No, thanks
Tag: merger
Top Reads: ‘Stealing Time’

Top Reads: ‘Stealing Time’

Since the merger between cable behemoths Time Warner Cable and Comcast fell apart, perhaps we should remember the leviathan tragedy of the marriage between America Online and Time Warner. Back in 2000, a time when mergers were considered sound ideas, the failed merger of the two media giants was a sobering event. In Stealing Time: Steve Case, Jerry Levin, and the Collapse of AOL Time Warner, by Alec Klein, we get a front-row seat to watch the whole thing go sour. The decision to combine the old media of Time Warner with the new media assets of America Online led to a clash of egos and cultures that disassembled the company within three years.

You can purchase the book here.

Drugmaker Pfizer Abandons AstraZeneca Takeover Bid

Drugmaker Pfizer Abandons AstraZeneca Takeover Bid

New York (AFP) – U.S. drugmaker Pfizer said on Monday it would abandon its controversial bid to acquire British rival AstraZeneca after its final $117-billion offer was rejected last week.

“Following the AstraZeneca board’s rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca,” the New York-based company said in a statement.

The announcement put an end to a long-running saga that drew widespread attention over fears that British jobs and research capability would be lost and accusations that the tie-up was a cynical ploy by Pfizer to pay less tax.

Pfizer had said that the combined company would deliver an expanded product pipeline, deep potential cost cuts and significant tax savings.

“We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us,” said Ian Read, chairman and CEO of Pfizer in the statement.

Pfizer’s proposal also included a controversial plan to re-domicile the combined company in Britain for tax purposes, in a move that would help it avoid paying billions of dollars in tax to the US government.

Pfizer’s play for AstraZeneca comes as global pharmaceutical giants maneuver to cope with lost revenues from public sector cutbacks in health care, and patent expirations.

AFP Photo/Mario Tama