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AstraZeneca shareholder Schroders urges board to reconsider Pfizer offer

FILE - This Friday May 2, 2014 file photo shows an exterior view of the Two Kingdom Street building which houses the headquarters of AstraZeneca, in the Paddington area of London. The board of AstraZeneca has rejected the improved $119 billion takeover offer from U.S. drugmaker Pfizer, Monday May 19, 2014, a decision that has caused a sharp slide in the U.K. company's share price as investors think it effectively brings an end to the protracted and increasingly bitter takeover saga. (AP Photo/Matt Dunham, File)

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FILE - This Friday May 2, 2014 file photo shows an exterior view of the Two Kingdom Street building which houses the headquarters of AstraZeneca, in the Paddington area of London. The board of AstraZeneca has rejected the improved $119 billion takeover offer from U.S. drugmaker Pfizer, Monday May 19, 2014, a decision that has caused a sharp slide in the U.K. company's share price as investors think it effectively brings an end to the protracted and increasingly bitter takeover saga. (AP Photo/Matt Dunham, File)

LONDON - AstraZeneca shareholder Schroders has urged the pharmaceutical firm to reconsider its rejection of a takeover offer from U.S. drugmaker Pfizer.

The fund manager, which holds a 2 per cent stake in AstraZeneca, is the biggest shareholder to call publicly for renewed takeover talks.

Schroders said Tuesday it "notes with disappointment the quick rejection by the AstraZeneca board of the latest offer from Pfizer." It urged AstraZeneca management "to recommence their engagement with Pfizer, and subsequently their shareholders."

The board of AstraZeneca this week rejected an improved $119 billion takeover offer from Pfizer, saying it significantly undervalued the company and its drug portfolio.

Under British takeover rules Pfizer has until Monday to submit a new offer, but it has said it won't raise its offer again or launch a hostile takeover bid.

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