MADISON, N.J., April 23 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) announced today that it will fully redeem all of its outstanding $2 Convertible Preferred Stock, par value $2.50 per share (the "Convertible Preferred Stock") effective on July 15, 2009 (the "Redemption Date"). As of April 22, 2009, there were 8,896 shares of Convertible Preferred Stock outstanding.
The redemption price for each share of Convertible Preferred Stock is $60.08, which includes an amount equal to all accrued but unpaid dividends up to, and including, the Redemption Date. Wyeth announced earlier today that a dividend of fifty cents ($.50) per share on the outstanding shares of Convertible Preferred Stock was declared, payable on July 1, 2009 to stockholders of record at the close of business on June 12, 2009. The redemption of the Convertible Preferred Stock will not impact today's dividend declaration as the dividend payment date will occur prior to the Redemption Date. The redemption agent is BNY Mellon Shareowner Services, Corporate Actions Division, P.O. Box 3301, South Hackensack, New Jersey 07606.
Prior to the close of business on the Redemption Date, holders may elect to convert all, or a portion of, their Convertible Preferred Stock into Wyeth common stock, par value $0.33 1/3 per share (the "Common Stock"), by surrendering their shares of Convertible Preferred Stock by mail to the address previously stated or to the office of Wyeth's transfer agent, BNY Mellon Shareowner Services, located at 480 Washington Boulevard, Attn: Corporate Actions Division, 27th Floor, Jersey City, New Jersey 07310. Each share of Convertible Preferred Stock is convertible into 36 shares of Common Stock. On April 22, 2009, the closing price of Wyeth's Common Stock on the New York Stock Exchange was $41.92 per share. If the merger between Wyeth and Pfizer Inc. ("P
Copyright©2009 PR Newswire.
All rights reserved