In the merger, each share of Encysive’s outstanding common stock was cancelled and (except for shares held by Encysive, Pfizer or by their wholly-owned subsidiaries or by holders who properly exercised their appraisal rights under Delaware law) converted into the right to receive $2.35 per share in cash, without interest and less any required withholding taxes.
Prior to the merger, Explorer Acquisition acquired approximately 85.33% of the outstanding Encysive shares by tender offer.