Haleon plc announced that Pfizer plans to offload approximately 630 million of its ordinary Haleon shares, including those in the form of American Depositary Shares, through a public offering both in the United States and concurrently abroad.
The specific offering price per security in this Global Offer will not be available until around March 19, 2024, after the completion of a procedure known as bookbuilding, widely used to determine a security's sale price.
All the net proceeds from the Global Offer will be collected by Pfizer, provided all standard closing requirements are met. As Haleon is neither selling nor issuing any securities as part of the Global Offer, they will not receive any of the net proceeds.
Alongside the Global Offer, both Pfizer and Haleon have agreed on a potential repurchase deal. This involves Pfizer selling back Haleon ordinary shares, off-market, for an estimated total of £315 million ($400 million). The transaction is expected to occur concurrently with the completion of the Global Offer.
Once the Global Offer and share repurchase are completed, it is forecasted that Pfizer's stake in Haleon will decrease, shrinking from 32% to roughly 24% of Haleon's issued Ordinary Share capital.
