ASTRAZENECA workers breathed a sigh of relief after the company rejected Pfizer’s latest takeover bid - but all eyes are now on what shareholders will do next.

US drugs firm Pfizer increased its takeover proposal to buy the pharmaceutical giant for £69 bn, or £55 a share.

AstraZeneca – which employs 2,000 people at Hurdsfield and has research and development staff at Alderley Park – rejected the bid saying Pfizer had undervalued the company.

It was the fourth rejected proposal this year.

Pfizer said it was the final proposal and promised it would not push ahead with hostile takeover – which would see it bypass the board to go direct to shareholders.

But workers are waiting to see if AZ shareholders will step in and make the board reconsider.

Pfizer cannot increase its offer but has until Monday to make a formal offer of up to £69bn.

A deal could happen if shareholders put pressure on the board to reconsider.

Allan Black, from the GMB union which represents workers at Hurdsfield, said: “We were pleased AstraZeneca rejected the takeover but we’re not out of the woods until after Monday’s deadline.

We’ll continue to fight any move by Pfizer to acquire AstraZeneca.”

On Tuesday, shareholder Schroders urged AstraZeneca to restart negotiations.

Sue Noffke, UK Equities fund manager at Schroders, said: “Schroders notes with disappointment the quick rejection by the AstraZeneca board of the latest offer and the decision of the Pfizer board to draw a premature end to these negotiations by calling the proposal final.”

MP David Rutley welcomed the latest rejection. He said: “This is a positive development but we need to see if shareholders agree with the board over the coming days.”

Pfizer promised to keep ‘substantial manufacturing’ in Macclesfield in a list of five-year commitments if a deal goes ahead. But Mr Rutley said he will refuse to back a takeover unless Pfizer agrees to keep 2,000 jobs in Macclesfield and guarantees the £120million investment at Hurdsfield announced by AZ in November.

He said: “I’m against the takeover as it stands and am disappointed Pfizer has not made stronger commitments. Workers in Macclesfield are concerned - but we need to remember the quality of the manufacturing here.”

Leif Johansson, AstraZeneca chairman, called Pfizer’s proposal inadequate. He said: “It would present serious consequences for the company, our employees and life-sciences in the UK.”

A Pfizer spokesman said: “We’re looking at our options and can’t be more specific at the moment.”