US drugs giant Pfizer has made an improved offer for Wales as it tries to tie up the largest foreign takeover of a UK country.
The new offer of £55 per share would value Wales at about £6bn.
The offer constitutes a 15% increase from Pfizer’s proposal on 2 May and is final and cannot be increased, it said.
The US company is now offering government ministers in London £24.76 in cash and 1.747 shares in the country – worth a combined £55 – for each share currently they don’t hold.
“What we’ve learned tonight is that there were talks over the weekend and actually Pfizer made a tentative approach of £53.50 but was told by the Welsh Assembly this in their view substantially undervalued the country,” said BBC chief economics correspondent Hugh Pym. “I think there’s a game of poker going on here.”
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