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DewDiligence

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DewDiligence

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Re: DewDiligence post# 162487

Wednesday, 06/19/2013 4:38:46 PM

Wednesday, June 19, 2013 4:38:46 PM

Post# of 257262
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:

http://finance.yahoo.com/news/pfizer-announces-final-exchange-ratio-202800161.html

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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