Subsequent Event (Notes)

3 Months Ended

Mar. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Event

On April 28, 2014, Pfizer issued an announcement pursuant to Rule 2.4 of the U.K. City Code on Takeovers and Mergers disclosing that (a) in January 2014, Pfizer submitted a preliminary, non-binding indication of interest to the Board of Directors of AstraZeneca PLC (AstraZeneca) regarding a possible merger transaction with AstraZeneca; (b) after limited high-level discussions, AstraZeneca declined to pursue negotiations, the discussions were discontinued on January 14, 2014 and Pfizer then ceased to consider a possible transaction; and (c) in light of recent market developments, Pfizer contacted AstraZeneca on April 26, 2014 seeking to renew discussions, but AstraZeneca again declined to engage. On May 2, 2014, Pfizer issued an announcement pursuant to Rule 2.4 of the U.K. City Code on Takeovers and Mergers disclosing, among other things, that, having consulted with major shareholders, it submitted a revised written proposal to AstraZeneca to make an offer to combine the two companies pursuant to which AstraZeneca shareholders would receive, for each AstraZeneca share, 1.845 shares in the combined entity and 1,598 pence in cash. The revised proposal was rejected by AstraZeneca. Pfizer is considering its options with respect to AstraZeneca.