DRUGS firm AstraZeneca has rejected an improved £69bn final takeover offer from US rival Pfizer.
Pfizer had made a new offer of £55 per share.
However, AstraZeneca says the new proposal undervalues the company and its attractive prospects.
Pfizer's pursuit has gained close scrutiny over fears it would hamper AstraZeneca's drug research and cut jobs.
The US company planned to create the world's largest drug company, with its headquarters in New York, but based in the UK for tax purposes.