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Did The Allergan-Pfizer Deal Fall Through? Pfizer Investors Hadn’t Noticed

Pfizer investors are getting high on their own supply.
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While John Paulson and Dan Loeb tear their hair and rend their garments over the Treasury Department’s torpedoing of Pfizer’s tax-inversion merger with Allergan, Pfizer’s investors aren’t even bothered.

In fact, they - to the extent that such staid, long-term, dividend-collecting investors even pay attention to such things— and everyone else in the market seemed to think that this was a pretty crummy deal for Pfizer, tax savings notwithstanding.

Pfizer’s shares jumped on the news of the deal’s demise. In the past five days, the stock gained 7.4%, bringing investors back to about even for the year to date. At $32.40 per share Friday afternoon, Pfizer has rebounded almost back to its five-year high of $36.46 reached in July, as investors felt Pfizer was better off without Allergan and remaining in the U.S.

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