Pfizer Inc. (NYSE: PFE) today announced that it and Wyeth recommend rejection of the unsolicited tender offer made by Huguenot Bond Liquidity, LLC ("Offeror") on May 11, 2020 (as amended and restated on May 21, 2020) to purchase up to $162.5 million principal amount of Pfizer's outstanding 7.200% notes due 2039 (the "Pfizer Notes") and up to $130.0 million principal amount of Wyeth's 5.950% notes due 2037 (the "Wyeth Notes" and together with the Pfizer Notes, the "Notes"). Wyeth is a wholly-owned subsidiary of Pfizer. Pfizer and Wyeth do not endorse Offeror's unsolicited tender offer, and neither Pfizer nor Wyeth is affiliated or associated with the Offeror, the tender offer or the offer documentation. The Offeror did not inform Pfizer of the tender offer, and Pfizer only became aware of the offer through a third party source. Further, there is no disclosure of information regarding the Offeror or any indication as to a source of financing for the offer in the offer documentation.

Pfizer Inc (NYSE:PFE) traded in a range yesterday that spanned from a low of $37.10 to a high of $37.65. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $37.31 on volume of 6.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Pfizer Inc (NYSE:PFE) traded in a range yesterday that spanned from a low of $37.10 to a high of $37.65. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $37.31 on volume of 6.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.