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Exhibition Stands News

Pfizer offers to buy shareholders'' stock

14 Apr 2009

Pharmaceutical firm Pfizer Ltd''s shareholders have been presented with an offer to buy out 33.77 per cent of the company.

The offer comes from Pfizer Investments Netherlands BV - a wholly-owned subsidiary of Pfizer Inc.

It values the stock at 675 rupees (£9.11) per share - a total bid of around 6.8 billion rupees.

The offer, if successful, would take the indirect stake of Pfizer Inc in Pfizer Ltd to 75 per cent from a current level of 41.23 per cent.

Shareholders will benefit from an offer 8.6 per cent higher than the closing price on April 9th on the National Stock Exchange of India.

This is equivalent to a premium of 8.3 per cent on the closing price on the Bombay Stock Exchange.

Pfizer''s oncology unit recently announced the appointment of Martine J George as vice president of medical affairs.

The new recruit will bring with her 20 years of experience working with pharmaceutical companies.
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