Pharmaceutical giant Pfizer Inc. (PFE) Tuesday said it has combined operations with King Pharmaceuticals, Inc. (KG), following the completion of its acquisition on February 28. Pfizer completed the acquisition through the merger of its wholly owned subsidiary, Parker Tennessee Corp., with and into King. King is now a wholly owned subsidiary of Pfizer.
Under the terms of the transaction, each outstanding share of King common stock has been converted into the right to receive $14.25, in cash. Prior to the merger, Parker acquired around 92.5% of the outstanding King shares through a tender offer.
Pfizer added that it continues to expect the transaction to be accretive to its adjusted earnings per share by around $0.02 annually in 2011 and 2012, and about $0.03 to $0.04 annually from 2013 through 2015.
Pfizer noted that it has appointed American Stock Transfer & Trust Co., LLC as paying agent for payment of the merger consideration
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