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Pfizer Inc Announces Plan For Split-Off Of Zoetis Inc


Wednesday, 22 May 2013 08:00am EDT 

Pfizer Inc announced its intention to split off its remaining interest in Zoetis Inc, through an exchange offer. Zoetis, formerly Pfizer`s animal health business, completed its Initial Public Offering (IPO) in February 2013. In the exchange offer, Pfizer shareholders can exchange all, some or none of their shares of Pfizer common stock for shares of Zoetis common stock owned by Pfizer. The exchange offer is anticipated to be tax-free for participating Pfizer shareholders in the United States, except with respect to cash received in lieu of a fractional share. The completion of the full separation of Zoetis is expected to be accretive to Pfizer`s earnings per share beginning in 2014. Pfizer also announced that, in connection with the planned split-off, it has received a waiver of the 180-day lock-up from the joint book running managers of the Zoetis IPO. The exchange offer is designed to permit Pfizer shareholders to exchange their shares of Pfizer common stock for shares of Zoetis common stock at a 7% discount, subject to an upper limit of 0.9898 shares of Zoetis common stock per share of Pfizer common stock. If the upper limit is not in effect, for each $100.00 of shares of Pfizer common stock accepted in the exchange offer, tendering shareholders would receive approximately $107.52 of Zoetis common stock. 

Company Quote

48.37
-0.1 -0.21%
31 Jul 2014