Payment and Legal Considerations
If you can't convince them, confuse them.
—Harry S. Truman
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 ...