I found these statements on my broker's website (Ameritrade):
8:07a Pfizer: Full Separation of Zoetis Expected To Be Accretive to Pfizer's EPS Beginning in 2014 PFE (Dow Jones)
8:06a Pfizer Final Exchange Ratio To Be Announced June 19 PFE (Dow Jones)
8:05a Zoetis: If Exchange Offer Is Undersubscribed, Pfizer Would Distribute Less Than 401 Million Shares Of Zoetis Common Stock ZTS (Dow Jones)
8:04a Zoetis: If Exchange Offer Is Fully Subscribed, Pfizer Will No Longer Have Controlling Ownership Interest in Company ZTS (Dow Jones)
8:04a Zoetis Will Become Fully Independent Company Upon Completion of Exchange Offer ZTS (Dow Jones)
8:04a Pfizer: Shareholders To Exchange Pfizer Common Stock Zoetis Shares at 7% Discount PFE (Dow Jones)
It's not really all that hard truthfully. You can partake in their offer, or not.
Love me or hate me for my suggestion here, it's irrelevent.
If you don't fully understand the offering or how it works, or the "mechanisms" of it, or whatever is confusing, THEN I WOULD SUGGEST THAT YOU TALK TO YOUR BROKER OR TRADING SERVICE ABOUT IT.
They'll explain it fully to you, as many times as you might need it explained and they might even give you a recommendation of what to do best for your particular situation.
Doing that is better than posing any "innocent" queries here. But hey, if you just "want something to talk about", then go to town.
In the end the sale is a good thing and you can take it or leave it. But it's still good news for PFE in that they end up raising more than the 2 and change billion dollars that they already raised from exiting their stake in February.