Pfizer Pressures Warner-Lambert
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NEW YORK — Pfizer Inc. on Tuesday urged shareholders of Warner-Lambert Co. to remove the firm’s board, stepping up pressure on the rival drug maker to accept a $74-billion hostile takeover bid.
Pfizer said it will solicit shareholder votes as it tries to block a $69-billion merger between Warner-Lambert and American Home Products Corp. Either deal would create the world’s No. 1 drug maker.
Warner-Lambert rejected Pfizer’s bid and threatened to cancel their partnership to market the cholesterol drug Lipitor. Pfizer answered by moving to take advantage of a weakness in Warner-Lambert’s takeover defenses, through a procedure that allows shareholders to jettison the board without waiting months for an annual meeting. Warner-Lambert and American Home executives had no immediate comment.
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