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Mergers, Acquisitions, and Other Restructuring Activities by Donald DePamphilis

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Chapter 11

Structuring the Deal

Payment and Legal Considerations

If you can't convince them, confuse them.

—Harry S. Truman

Inside M&A: pfizer acquires wyeth labs despite tight credit markets

Pfizer and Wyeth began joint operations on October 22, 2009, when Wyeth shares stopped trading and each Wyeth share was converted to $33 in cash and 0.985 of a Pfizer share. Valued at $68 billion, the cash and stock deal was first announced in late January of 2009. The purchase price represented a 12.6% premium over Wyeth's closing share price the day before the announcement and a 29% premium over the same day the prior month. Investors from both firms celebrated as Wyeth's shares rose 12.6% and Pfizer's 1.4% on the news. The announcement seemed to offer ...

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