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DewDiligence

04/12/13 7:36 AM

#159797 RE: genisi #159794

Bingo! Inasmuch as PFE will likely offer PFE shareholders the option to exchange their PFE shares for ZTS shares*, and the exchange ratio will be dictated in large part by the share prices at the time of the offer, a higher share price for PFE will cause more quasi-dilution for ZTS when the exchange is consummated.

*As BMY did with MNJ.