Just weeks after the collapse of Pfizer's controversial deal to buy fellow drugmaker Allergan and move its headquarters to Ireland, company executives faced sharp criticism from shareholders at their annual meeting.
The record $160 billion deal was structured as an inversion, in which an American multinational company moves its headquarters on paper to another country with lower tax rates. Rules issued by the U.S. Treasury Department on April 5 eliminated most of the financial incentives and forced New York-based Pfizer and Ireland-based Allergan to drop their deal the next day.
One shareholder accused Pfizer of offering too much for Allergan, given its stock plunge after the deal was scrapped.
Pfizer CEO Ian Read said outside advisors supported the offer price, and executives believed the acquisition would be good for Pfizer.