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Replies to #16 on Zoetis Inc. (ZTS)
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DewDiligence

02/11/13 8:55 PM

#17 RE: idkmybffjill #16

The exact distribution arrangement hasn't been determined yet. If PFE offers a voluntary exchange (the most likely scenario), the exchange ratio will reflect the market prices of PFE and ZTS at the time of the offering, but there will be a discount applied to the share price of ZTS to encourage PFE shareholders to participate.

You can study what BMY did with the MNJ spinoff to see how a voluntary-exchange offering works.