Halls for sale?
This article was originally published in The Tan Sheet
Executive Summary
Pfizer considering divesting Adams confectionery business, which includes Halls cough drops, and Schick-Wilkinson Sword shaving products, firm says June 27. Businesses "are not aligned with Pfizer's strategic focus on pharmaceuticals and health care," company says. Pfizer notes it is "highly unlikely" individual brands under Adams will be sold piecemeal. However, one possibility includes spinning divisions off into separate businesses; deal could be completed within nine to 12 months. Pfizer maintains its consumer healthcare division enjoys synergies with the Rx business and is an unlikely candidate for divestment. Separately, Pfizer's board of directors announces authorization for repurchase of up to $10 bil. worth of common stock over next 24 months...