AstraZeneca declines sweetened Pfizer offer
Pfizer upped its bid for AstraZeneca on Friday morning to $107 billion, but the British pharma giant rejected the offer, calling it "inadequate." Such a deal would improve Pfizer’s drug pipeline and allow the company to move its tax base to the UK, saving it millions of dollars.
Analyst puts chance of Publicis-Omnicom merger success at 40%
Rich Tullo, an analyst at Albert Fried, dropped the chances of the Publicis Groupe-Omnicom Group merger actually happening to 40% from 66% in a note to investors on Thursday. His take: because Publicis has recently lost business from Microsoft, Miller Lite, and Samsung, the deal is less attractive for Omnicom. The two holding companies have also clashed over who will become the combined group’s CFO.
LA NAACP head steps down over Sterling award
Leon Jenkins, the president of the Los Angeles chapter of the NAACP, stepped down Thursday night. He had been set to give disgraced Los Angeles Clippers owner Donald Sterling an award for promoting civil rights, but reversed course after a recording of Sterling making offensive comments about African-Americans surfaced last weekend.
New Wikipedia leader appointed
Wikipedia operator the Wikimedia Foundation named Lila Tretikov as executive director on Thursday. She previously served as chief product officer at SugarCRM. Her first day at the nonprofit will be June 1. Tretikov’s appointment comes as the group is defining how PR pros can interact with the website amid challenges from firms specializing in Wikipedia edits.
Analysts bullish on April jobs report
Experts are optimistic that the national April employment report, set to be released this morning, will show an increase in the number of jobs created compared with the first three months of the year. They also expect a slight downtick in the unemployment rate to 6.6%, matching its five-year low.
Update: The jobs report surpassed analysts’ expectations. Employers added 288,000 jobs in April, the most in two years-plus, driving the unemployment rate down to 6.3% from 6.7%. Stocks gained ground early on the news.