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Pfizer stump speech

This article was originally published in The Tan Sheet

Executive Summary

Full-page print ad appearing in the Dec. 8 Wall Street Journal maintains Warner-Lambert shareholders are "better off with Pfizer based on all key financial measures" than under a merger with American Home Products. The message, titled "Rhetoric vs. Reality," notes Pfizer is offering $13 per W-L share, an 18% premium to AHP's bid (as of Dec. 6). "Worse still," the ad continues, "AHP is the defendant of mass tort litigation which could lead to substantial unexpected liabilities borne by Warner-Lambert shareholders." Pfizer says it will use the ad again as needed. Separately, the trial date on the Lipitor marketing agreement is set for April 10. W-L filed suit to end the joint agreement (1"The Tan Sheet" Dec. 6, In Brief)

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