Pfizer Mulls Choices in Takeover Fight

Pfizer Inc. said that it may take its unsolicited $75-billion all-stock bid for Warner-Lambert Co. to shareholders as Warner-Lambert stands by its plan to merge with American Home Products Corp. Pfizer told Reuters that it expects to decide in 10 days whether to launch an exchange offer or a proxy fight to remove Warner-Lambert’s board of directors. New York-based Pfizer made the bid to take over Warner-Lambert last week, shortly after Warner-Lambert unveiled plans to merge with American Home Products in a $70-billion stock deal. Pfizer and Warner-Lambert, based in Morris Plains, N.J., have a co-marketing agreement to sell the blockbuster drug Lipitor. But Warner-Lambert now is looking for a way out of the agreement in light of Pfizer’s hardball tactics.recent actions.In NYSE trading, Warner-Lambert shares rose $2.19 to close at $90.06, Pfizer shares rose 38 cents to close at $35, and AHP shares eased $1.13 to close at $52.88.