Shares in pharmaceutical company AstraZeneca rose by more than 14% on Monday, after US giant Pfizer confirmed its interest in a takeover bid.
The firm said it had contacted AstraZeneca over a multi-billion pound bid for the UK-based drug maker.
If successful, the deal would be the biggest ever takeover of a UK firm by a foreign company.
Pfizer said it approached AstraZeneca on Saturday, after an initial offer in January, worth £58.8bn, was rebuffed.
AstraZeneca said the original offer "significantly undervalued" the firm, which employs more than 51,000 staff.
However, AstraZeneca said it was "confident" its strategy would create "significant value" for shareholders on its own.
"The Board remains confident in the ongoing execution of AstraZeneca's strategy as an independent company," it added.
Pfizer said in a statement that AstraZeneca's refusal to engage meant it was currently "considering its options".
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