Pfizer Plans Stock Swap To Exit Thriving Animal Health Biz

Law360, New York (May 22, 2013, 3:11 PM EDT) -- Pfizer Inc. on Wednesday outlined plans for shedding the rest of its majority stake in animal health unit Zoetis Inc. after a $2.2 billion initial public offering earlier this year, extending an offer for investors to swap their Pfizer stock for Zoetis shares at a discount.

Under the deal's terms, the pharmaceutical giant's stockholders can trade Pfizer shares for Zoetis units at a 7 percent discount, tax-free, for three consecutive trading days in mid-June. The company aims to unload the 80.2 percent interest it still holds...
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