A total of 24,050,054 shares of Coley common stock were validly tendered and not withdrawn prior to the expiration of the offer, including 661,444 shares subject to guaranteed delivery procedures. Through its indirect wholly owned subsidiary, Corvette Acquisition, Pfizer has accepted for payment all validly tendered shares. The shares accepted for payment, together with the shares previously owned by Corvette Acquisition, represent approximately 92.2% of Coley’s outstanding common shares.
As the final step of the acquisition process, Pfizer intends to consummate a merger in which remaining Coley shareholders will receive the same $8 cash price per share paid in the tender offer. Consummation of the merger is expected to occur within the next several days. Following the merger, Coley will become an indirect wholly owned subsidiary of Pfizer.