Pfizer is acquiring Wyeth for $68bn in a cash and stock transaction. Both companies have listed subsidiaries in India, Pfizer Limited and Wyeth Limited. The first point of interest for Indian shareholders will be whether this will result in an open offer for Wyeth. It will not, because the transaction has been styled as a merger agreement, in which Pfizer will pay the consideration in cash and stock. Under the Sebi Takeover regulations, an acquisition by way of merger will be exempt from the compulsory open offer clause.
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