Ian C. Read Puzzler: How Is This Man Qualified To Be The Chairman Of The U.S.'s No. 1 Public Drug Company?

Okay -- from the go -- and for about two and a half months -- I've repeatedly noted that Mr. Read's executive style has changed little over the decades -- and that he wouldn't play well on the world stage. The man, in short, is the opposite of elegant.

Today is the proof. His approach was Atilla the Hun-like, ham-handed, and needlessly combative. His continuation looked financially-engineered, or tax-driven, at best -- and his closing (and course-reversing last second) bid(s) looked to be within an eyelash-width of wholly disingenuous. One would be forgiven for guessing (at first) that he didn't get very good advice. But no -- he had among the best M&A lawyers, and among the best houses of investment bankers advising him, throughout. My very strong, and experienced suspicion is that in the end, he simply ignored the advice, and chugged ahead -- like a mini-Lionel-locomotive. This afternoon, he hit the brick wall. The real brick wall.

Just because you are big in the US, Ian -- it doesn't mean the world has to bend to your whims. Word. From Bloomberg then:

. . . .Under U.K. takeover rules, Pfizer had until 5 p.m. London time today to make a firm offer. [Editor's Note: That time just passed.] The regulations require a cooling-off period of at least three months before talks can restart, giving both drugmakers time to figure out their next move. Pfizer is hoping AstraZeneca investors will pressure the company’s board to come back to the table, while AstraZeneca may seek a revenue-generating acquisition of its own to help it fend off the larger company. . . .

Pfizer, the biggest U.S. drugmaker, has declined to say if it will try again to buy London-based AstraZeneca after the U.K. company’s board rejected its last offer of 55 pounds a share. For talks to begin anew after three months, AstraZeneca must invite the discussion. Otherwise, Pfizer needs to wait six months to make a new bid. . . .

The now patently-obvious object lesson (though polite society people are too. . . polite to say so, aloud!) -- and (not entirely coincidentally), as Jeff Kindler well knows -- is that, in the end, Ian Read is a one-trick pony. Too bad for the Pfizer board -- and ultimately, the Pfizer shareholders. Time for Ian to pack up, and catch the next thing smokin' -- out of Pfizer. That's my opinion. And well-played, AZ! Very stiff upper lip, and all. Extra points to the House of AZ, this round! [Uttered in my best Howarts Headmaster Dumbledore's voice.] And I am returning to my Memorial Day of rest, now.