Can't see any obvious benefit to current shareholders. Lots of money floating around and no word from mgmt about any distribution (dividend, shares, special dividend) for current shareholders. This is becoming very common among big corps. (See Aapl). I am discouraged because I thought that management and the BOD had a "fiduciary" duty to the owners of the company, namely the shareholders. Lowest
Trouble is…PFE management did this all legally and above-board by taking it to a shareholder vote on the last annual meeting proxy. The shareholders approved taking this portion of the company public.
Unfortunately, the individual shareholders who see this goofiness cannot “en masse” stop the IPO from happening. The greater number of shareholders is represented by PFE management who will benefit most from this IPO or institutional investors (pension and mutual funds) who have no real skin in the game. You may own 1,000 shares of a mutual fund that owns 1,000,000 shares of PFE. You are not going to get a proxy asking how you want to vote, the fund manager will. And, he has no personal interest in whether the fund goes bust or not. It’s you money, not his.
Management is always under the impression that they own the company. That is why shareholder activists go in the shake things up. Seems PFE management needs a spanking. Shareholders should make special interest in showing up at next annual meeting to roast these bums. How do they explain selling off part of our interest and not providing for shareholders benefit?