UK drugs company AstraZeneca has rejected an improved "final" takeover offer from US drugs giant Pfizer.
Pfizer had made a new offer of £55 per share, valuing AstraZeneca at about £69bn.
But AstraZeneca says the new proposal "undervalues the company and its attractive prospects".
Pfizer's pursuit has been under scrutiny because of fears it would hamper AstraZeneca's drug research and cut jobs.
Controversial deal
Pfizer planned to create the world's largest drug company, with its headquarters in New York, but based in the UK for tax purposes.
In a strategy known as "tax inversion" Pfizer could pay the UK corporate tax rate of 20%, rather than the 35% rate applied in the US, if it bought AstraZeneca.
That plan proved controversial with unions and politicians, as AstraZeneca employs 6,700 people in the UK.
AstraZeneca chairman Leif Johansson said Pfizer's pursuit had been "fundamentally driven" by the corporate financial benefits.
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