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:
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