Is AstraZeneca (AZN) Preserving Cash for a Forest Labs (FRX) Bid?
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Forest Laboratories, Inc. (NYSE: FRX) is seeing upside Wednesday on renewed takeover speculation.
The talk, sparked by a UK Guardian article, focuses on speculation that AstraZeneca PLC (NYSE: AZN) could soon launch of a bid for Forest Laboratories after abruptly halted its share repurchase program a few days ago.
AstraZeneca new CEO Pascal Soriot said the move to suspend the buyback was "a prudent step that maintains flexibility while the Board and I complete the company's ongoing annual strategy update."
Speculation centers around AstraZeneca making a bid of $50 per share, or 37 percent above the Forest's current market price.
Shares of Forest Labs are up 1.5%, while AstraZeneca is down 0.7%.
The talk, sparked by a UK Guardian article, focuses on speculation that AstraZeneca PLC (NYSE: AZN) could soon launch of a bid for Forest Laboratories after abruptly halted its share repurchase program a few days ago.
AstraZeneca new CEO Pascal Soriot said the move to suspend the buyback was "a prudent step that maintains flexibility while the Board and I complete the company's ongoing annual strategy update."
Speculation centers around AstraZeneca making a bid of $50 per share, or 37 percent above the Forest's current market price.
Shares of Forest Labs are up 1.5%, while AstraZeneca is down 0.7%.
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