I got a note from Fidelity reminding me that I had until 6/18 to respond to a PFE Tender offer?
Anybody know what that is all about? I've only got 100 shares so I'm not wanting to spend much time sorting through stuff on the issue. I figure someone here has already done that.
A little help please?
I do not think there is an ex-dividend date. The offer expires on June 28, unless PFE extends the deadline. There is a website about this offer with a section on FAQ, and the information agent has a toll-free number if you want to speak to someone about the offer. The prospctus (S-3) is on the SEC website under Zoetis name and is dated May 22, the first day of the offer. Also PFE did a press release about the offer on May 22.
Thanks for telling me not to use Fidelity. I have had the prospectus through Schwab for a couple of weeks. The offer is a much-discussed split-off of PFE shares for ZTS shares. My decision was to decline.
Here is the deal: Pfizer is splitting-off their interest in Zoetis, the animal health division. You can exchange some- all-or none of your shares of Pfizer for Zoetis. The offer expires on June 28, unless it is extended, or until all of the shares are taken. The exchange rate will be determined on June 28, or the last day of the extension. If theoffer is oversubscribed than the offer will be prorated. I think , and maybe someone else can correct me, but for every $100 of PFE stock you get $107 worth of Zoetis. If you do not want to participate in the offer you do not have to do anything. No fractional shares will be issued so you will get cash for them, and of course there will be a captial gain tax on the cash, since you sold the fractional shares. Also on the proration shareholders who tender and have an odd lot will have first priority in getting shares of Zoetis.