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Article: Diet-Pill Deal Leaves American Home Products' Merger Plans in Question.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 23, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dec. 23--Despite 11th-hour maneuvering to set aside a huge jury award in Mississippi over its diet pills, American Home Products Corp. yesterday failed to convince many investors that it can salvage a $4.8 billion settlement of thousands of other lawsuits and, by extension, a merger with Warner-Lambert Co.
By the end of trading, the drug maker's stock fell slightly, down 9/16 to 40 a share. Meanwhile, Wall Street digested the implications of Tuesday's late-breaking events: American Home struck a deal just as a jury, which earlier awarded $150 million to five diet-pill users for suffering heart and lung damage, was deciding whether to award up to $2 billion in ...