Deals of the day- Mergers and acquisitions

Mon May 19, 2014 4:04pm EDT
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May 19 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Monday:

** Britain's AstraZeneca rejected a sweetened and "final" offer of about 70 billion pounds ($118 billion) from Pfizer, casting serious doubt on the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group.

AstraZeneca's chairman said he saw no prospect of a deal with Pfizer before a deadline of May 26 set under UK takeover rules, or any likelihood of that deadline being extended.

Pfizer is likely to court major investors in AstraZeneca as part of a takeover attempt despite a board rejection of its bid, the head of Britain's parliamentary science committee said.

** Activist investor William Ackman said in a letter to takeover target Allergan Inc's board of directors that the top executive has a "disabling" conflict of interest because accepting a takeover means losing the top job. Ackman and Valeant Pharmaceuticals International launched a $47 billion takeover of Allergan on April 22, but so far Allergan has rejected its advances and Chief Executive Officer David Pyott is pushing shareholders to let the company stand alone.