PFE-ZTS exchange ratio=contractual upper bound of 0.9898 shares of ZTS for each share of PFE tendered; based on today’s closing prices, participants in the swap will thus get approximately $1.05 of ZTS stock for each $1.00 of PFE stock tendered and accepted.
Moreover, the exchange offer is about 2x oversubscribed, so PFE shareholders who tendered will get only about half of their tendered shares exchanged into ZTS:
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.