Key Developments: Zoetis Inc (ZTS.N)
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Latest Key Developments (Source: Significant Developments)
Zoetis Inc Announces Chairman Change-Form 8-K
Zoetis Inc reported in its Form 8-K that on June 24, 2013, Michael McCallister was appointed as Non-Executive Chairman of the Zoetis Board of Directors. Mr. McCallister replaces Frank D'Amelio as Non-Executive Chairman. Mr. D'Amelio will remain a Director on the Zoetis Board of Directors. Full Article
Zoetis Inc Declares Third-Quarter 2013 Dividend
Zoetis Inc announced that it has declared a third-quarter dividend payable to holders of the Company`s common stock of $0.065 per share. The dividend is to be paid on September 2, 2013, to holders of record on August 1, 2013. Full Article
Pfizer Inc Announces Plan For Split-Off Of Zoetis Inc
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. Full Article
Zoetis Inc Issues FY 2013 Guidance In Line With Analysts' Estimates
Zoetis Inc announced that for fiscal 2013, it expects revenues between $4.425 billion to $4.525 billion and diluted earnings per share (EPS) to be between $1.00 to $1.06, which includes the impact of nonrecurring costs of $200 million to $240 million, primarily associated with becoming a standalone public company. Adjusted diluted EPS for fiscal 2013 is expected to be between $1.36 to $1.42 per share, excluding purchase accounting adjustments, acquisition-related costs and certain significant items. The 2013 financial guidance reflects exchange rates as of mid-April 2013. Additional guidance on other items such as tax rate and expenses are included in the financial tables and will be discussed on the company's conference call. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $4.5 billion and EPS of $1.38 for fiscal 2013. Full Article
Zoetis Inc Declares Second-Quarter 2013 Dividend
Zoetis Inc announced that it has declared a second-quarter dividend payable to holders of the Company's Class A common stock and Class B common stock of $0.065 per share. The dividend is to be paid on June 6, 2013, to holders of record on May 1, 2013. Full Article
Zoetis Inc Closes Initial Public Offering
Zoetis Inc announced the closing of its previously announced initial public offering. The offering of 99,015,000 shares of its Class A common stock included 12,915,000 shares of Class A common stock that were sold pursuant to the underwriters` option to purchase additional shares, which was exercised in full prior to the closing. Zoetis did not receive any of the proceeds of the offering. Following the completion of the initial public offering, Pfizer owns 100% of the outstanding Class B common stock of Zoetis and retains an approximately 80% ownership of Zoetis. J.P. Morgan, BofA Merrill Lynch and Morgan Stanley served as joint lead book-running managers for the offering. Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., Guggenheim Securities and Jefferies served as book-running managers for the offering. BNP PARIBAS, HSBC, Loop Capital Markets, RBC Capital Markets, The Williams Capital Group, L.P. and UBS Investment Bank served as senior co-managers for the offering. Lebenthal Capital Markets, Piper Jaffray and Ramirez & Co., Inc. served as co-managers for the offering. Full Article
Zoetis Inc Prices Initial Public Offering
Zoetis Inc announced the pricing of its Initial Public Offering of 86,100,000 shares of its Class A common stock at $26 per share. The shares are expected to begin trading tomorrow, February 1, on the New York Stock Exchange under the symbol ZTS. Zoetis will not receive any of the proceeds of the offering. Following the completion of the initial public offering, Pfizer will own 100% of the outstanding Class B common stock of Zoetis and will retain an approximately 83% ownership of Zoetis. The underwriters also have an option to purchase up to an additional 12,915,000 shares of Class A common stock. Zoetis will not receive any of the proceeds from any shares sold pursuant to this option. If the underwriters exercise this option in full, Pfizer is expected to retain an approximately 80% ownership of Zoetis. J.P. Morgan, BofA Merrill Lynch and Morgan Stanley served as joint lead book-running managers for the offering. Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., Guggenheim Securities and Jefferies served as book-running managers for the offering. BNP PARIBAS, HSBC, Loop Capital Markets, RBC Capital Markets, The Williams Capital Group, L.P. and UBS Investment Bank served as senior co-managers for the offering. Lebenthal Capital Markets, Piper Jaffray and Ramirez & Co., Inc. served as co-managers for the offering. Full Article
Pfizer Inc's Zoetis Inc IPO Could Value At As Much As $12.5 Billion-Reuters
Reuters reported that Pfizer Inc's unit Zoetis Inc plans to sell 86.1 million shares at between $22 and $25 each in an initial public offering (IPO) that could value the animal health business at as much as $12.5 billion. At the top-end of the expected range, the offering would raise about $2.2 billion. The Wall Street Journal reported last month that the Zoetis IPO was likely by January or February, and that it could raise about $4 billion. Pfizer said in June last year that it planned to separate its animal-health unit, which sells medicines, vaccines and other products for livestock and pets, into a standalone company. Full Article
Pfizer Inc To Launch Zoetis Inc IPO In Early 2013-Reuters
Reuters reported that Pfizer Inc has planned U.S. initial public offering (IPO) of its animal-health unit Zoetis Inc is likely by January or February and raise about $4 billion, the Wall Street Journal reported. The largest U.S. drug-maker believed that an IPO is the way to go for Zoetis, as the unit's hoped-for $20 billion valuation has priced it out of the range of potential strategic buyers, the Journal said. Full Article
Pfizer Inc's Zoetis Inc Files IPO Registration Statement
Pfizer Inc. announced that its subsidiary, Zoetis Inc filed a registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering (IPO) of Class A common stock. The offering is expected to represent an ownership stake of up to 20%. Prior to completion of the offering, which is targeted for the first half of 2013, Pfizer will transfer its animal health business to Zoetis. The number of shares to be offered and the price range for the offering have not been determined. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. J.P. Morgan, BofA Merrill Lynch and Morgan Stanley will act as the joint book-running managers for the proposed IPO. Full Article
Pfizer says shareholders snap up remaining Zoetis shares
- Pfizer Inc on Monday said it would complete the spinoff of its Zoetis Inc animal health business after investors offered to trade their Pfizer shares for the company's remaining majority stake in the unit.

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