Date Set for Pfizer's Suit Against Warner-Lambert, American Home

The Delaware Chancery Court has ordered an accelerated hearing set for January 24, 2000, with respect to Pfizer Inc.'s (New York) amended complaint challenging certain aspects of the merger agreement between Warner-Lambert Co. (Morris Plains, NJ) and American Home Products Inc. (Madison, NJ).

The court ruled to accelerate the hearing in light of the proposed May 15, 2000 Warner-Lambert and American Home meeting to vote on the merger agreement, and in light of Pfizer's impending consent solicitation.

A the preliminary injunction hearing, set for January 24, 2000, the court will rule on Pfizer's claim and the claims of Warner-Lambert shareholders that the 14.9% stock option granted to American Home by Warner-Lambert and the other "lock-up" provisions of the Warner-Lambert/American Home merger agreement are in violation of the Warner-Lambert's directors' fiduciary duty, and thus should be enjoined.

To learn more about the suit, read Latest Developments in Pfizer- Warner-Lambert- American Home. For more on the Warner-Lambert/American Home merger agreement, read Warner-Lambert and American Home Products to Merge, Forming World's Largest Pharm/Consumer Health Company.

For more information: American Home Products Corp., 5 Giralda Farms, Madison, NJ 07940-0874. Tel: 973-660-5000. Fax: 973-660-7026.

Edited by Jim Pomager