As we have written about previously, Pfizer(PFE), after conducting an IPO of 20% of Zoetis(ZTS) in January, has launched an exchange offer whereby shareholders may elect to exchange their Pfizer shares for Zoetis shares. The offer is expected to be completed this week, and, as a result, the S&P has decided that it is time for Zoetis to join its former parent in the S&P 500. Zoetis will replace regional bank First Horizon National(FHN) which will move to the S&P MidCap 400. Qlogic(QLGC) will move from the S&P MidCap 400 to the S&P SmallCap 600, booting retailer Coldwater Creek(CWTR).
Disclosure: The author holds no position in any stock mentioned, though he did lose money several years ago in FHN and CWTR
Related articles
- Pfizer plans offering to pare Zoetis stake (seattletimes.com)
- Pfizer to Split Off Rest of Zoetis Animal Health Business (bloomberg.com)
- Should You Trade Pfizer Stock for Shares in Zoetis? (dailyfinance.com)
- Does Pfizer Inc. (PFE)’s Unwinding of Its Stake in Zoetis Inc (ZTS) Offer Value for Either Company’s Shareholders? (insidermonkey.com)