By WDEL Staff 10:06pm, May 2, 2014 - Updated 10:18pm, May 2, 2014State officials are watching developments surrounding pharmaceutical company AstraZeneca, which rejected drug maker Pfizer's $106 billion takeover bid just hours after it was made on Friday.
Pfizer, the world's second-biggest drugmaker by sales, made its third attempt at buying AstraZeneca.
DEDO Director Alan Levin tells WDEL's Delaware News at Noon he heard the development prompted a positive reaction from Astrazeneca employees.
"I understand that when the board turned down the latest offer, the 106 billion offer, that there was a cheer from the employees at Astrazeneca," Levin says.
Levin says he's bullish about Astrazeneca because the company wants to right itself and take the firm into the next generation.
"The board and management are united in their effort to take this forward and to resist all of these requests," he said. "But by the same token, who's to say that somebody doesn't come in and offer a ridiculous number and the stock holders all of a sudden say 'maybe we've gone as far as we can.' But right now that doesn't appear to be the case."
Information from the Associated Press was used in this report.
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