Haleon, the public limited company (PLC) announced the details and expansion of its public offering in the United States as well as a simultaneous offering to eligible investors outside the US. Pfizer Inc. is managing these offerings.
Approximately 790.55 million ordinary shares of Haleon are put together for the offering. This includes 594 million ordinary shares, along with approximately 196.55 million American Depositary Shares, with each one representing two ordinary shares. The asking price is 3.08 pounds for each ordinary share and $7.85 for every ADS.
The global offer's size has now been raised, amounting to approximately 790.55 million ordinary shares from the previous figure of 630 million ordinary shares.
Haleon has stated that Pfizer will receive all the net proceeds from the global offer. Haleon is not selling or issuing any securities and will not be receiving any net proceeds from this global offer.
In addition, Haleon agreed to buy back approximately 102.27 million ordinary shares from Pfizer in an off-market transaction for a total of about 315 million pounds (approximately $400 million). The buyback price per share, payable by Haleon to Pfizer, is set at 3.08 pounds, which is equal to the offering price per ordinary share in the global offer.
The closure of this share buyback is dependent upon, and is expected to coincide with, the closing of the global offer. It is predicted that the closing date will be on the 21st of March, 2024.
Following the global offering and the buyback and cancellation of shares, Pfizer's stake in Haleon will decrease from 32% to roughly 22.6% of Haleon's voting-eligible ordinary shares.
Connected to the global offer, expect Pfizer's securities to be under a 90-day lock-up agreement in favor of Citigroup and Morgan Stanley. This arrangement is, however, subject to customary exceptions and waivers.
