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Warner-Lambert calls truce

This article was originally published in The Rose Sheet

Executive Summary

Warner-Lambert board approves commencement of talks with Pfizer on a possible merger deal, the company announces Jan. 13. The board "concluded that there is a reasonable likelihood that Pfizer's previously announced conditional proposal could lead to a transaction...that is better financially for [W-L] shareholders than the proposed merger with American Home Products." The 2.5 shares per Warner-Lambert share that Pfizer originally offered would be worth under $92 at the Jan. 13 closing price of 36 11/16, while Warner-Lambert stock closed at 92 5/16 per share (up 6.3%). Nonetheless, the Pfizer offer is still substantially higher than the previous bid from AHP, which at 1.4919 shares per Warner-Lambert share comes to about $63
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