Their offer has been raised to an indicative and nice round £50 or thereabouts. Letter sent to Astra board for their consideration and response. Pfizer have also written to the PM to outline detailed plans for establishing and maintaining activities in the UK. They are apparently keen on this thanks to the tax attractions of them not repatriating their cash pile and maybe the UK's lowish corporate tax rate. So they seem pretty serious in their intentions with some of their top brass over here this week.
However this is not a firm offer yet and is subject to due diligence and Astra's board giving a unanimous recommendation and giving irrevocable undertakings to accept any offer in respect of their AstraZeneca shares. It remains to be seen what the response will be, I suspect they may still hold out for a bit more for their recommendation, or may be they will play tough and try and stay independent, or finally they could look for a White Knight (another company to merge with / bid for them).
The board have responded after the open saying they will meet later to discuss it and make an announcement as appropriate. They say no offer is certain or the terms but they go onto strongly advise shareholders to take no action.
Subsequently they have rejected it saying it still "substantially" undervalues them, but they still strongly advise no action - so perhaps they are holding out for more and a better structure before recommending or maybe they really want to stay independent?