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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Sonki who wrote (8364)	2/6/2000 7:00:00 PM
From: Bipin Prasad	Read Replies (1) \| Respond to of 9523

quote.bloomberg.com Pfizer Near Agreement to Buy Warner-Lambert for $91.4 Billion, Person Says By George Stein Pfizer Nears Agreement to Buy Warner-Lambert for $91.4 Bln New York, Feb. 6 (Bloomberg) -- Pfizer Inc. is close to an agreement to buy Warner-Lambert Co. for $91.4 billion in stock and assumed debt to create the world's second-largest drugmaker, people familiar with the situation said. The boards of the companies were to vote tonight on the agreement and an announcement was scheduled for tomorrow morning, the people said. The companies were completing their agreement after American Home Products Corp. accepted $1.8 billion to abandon its $58 billion merger plan with Warner-Lambert, concluding it couldn't compete with the higher bid from Pfizer, the people said. Warner-Lambert's chairman Lodewijk de Vink, who spurned Pfizer's unsolicited bid for two months in favor of pursuing a merger with American Home, will step down after the transaction closes, people familiar with the situation said. Pfizer asked him to remain for an indefinite period to assist with integrating the companies, the people said. The companies expect the transaction to produce cost savings of $1.6 billion a year by 2002, the people said. Pfizer will exchange 2.75 of its shares for each share of Warner-Lambert. The transaction is valued at $89.96 billion in stock and $1.4 billion in debt based on Friday's closing prices.