Jim Stride, director and head of UK equities at AXA Investment Managers UK, has called for AstraZeneca's board to put the Pfizer bid to shareholders.
AXA is one of the biggest holders of AstraZeneca stock. Full statement:
AXA Investment Managers UK (AXA IM UK), acting in accordance with its fiduciary duty to clients, has met with the management teams of Pfizer and AstraZeneca in the recent past. We have also engaged in ongoing written and verbal communication. It is the view of AXA IM UK that the board of AstraZeneca (AZN) should not prevent an offer from Pfizer of £55 per share from being put to the shareholders of the company. Many shareholders – but not necessarily all – will find this an attractive offer. Accordingly we believe that the board (AZN) was arguably wrong and acted too hastily to dismiss the latest proposal from Pfizer.