LONDON (AP) -- Another AstraZeneca shareholder has criticized the pharmaceutical company's handling of Pfizer's $119 billion takeover bid, saying it was "arguably wrong" to reject it quickly.
Jim Stride, the director of UK equities for AXA Investment Managers UK, said Wednesday that the AstraZeneca board "should not prevent an offer" from being put to the company's shareholders.
AXA Investment Managers UK holds just under 1 percent of AstraZeneca's stock.
Stride said in a statement that "many" shareholders would find the Pfizer offer attractive. He said the board acted "too hastily" to dismiss the proposal.
Other institutional shareholders including Schroders and Jupiter Fund Management have also expressed disappointment with the decision.
Pfizer has said it will not mount a hostile takeover bid for the U.K. drug firm.