Pfizer, Warner-Lambert Merge

Pfizer, Warner-Lambert Merge

NEW YORK--Pfizer and Warner-Lambert (WL) announced a merger that creates theworld's second largest pharmaceuticals company, with a market share of more than$230 billion. This merger was the result of a hostile bid from Pfizer followingthe Warner-Lambert and American Home Products merger.

Under the terms of the agreement, Warner-Lambert shareholders will receive2.75 Pfizer shares for each WL share; the transaction is valued at $98.31 per WLshare. The merged firm is expected to have annual revenues of approximately $28billion.