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
You may also be interested in...
W-L Listerine, Lubriderm Sales See Double-Digit Growth In 1999
Listerine mouthwash sales totaled $487 mil. in 1999, a 13% increase, Warner-Lambert announced Jan. 19. The oral care business represented approximately 16% of the company's consumer health care sales, which were up 10% to $3 bil. U.S. consumer health care sales rose 14% to $1.7 bil.
OCA Applauds Organic Board's Recommendation To USDA: "Outlaw Nanotech"
With a push from the Organic Consumers Association, the National Organic Standards Board is recommending that the use of nanotechnology be strictly prohibited from products certified under the National Organic Program