1. 2. 3. 4. 5. 6. What takeover defenses did Warner employ to ward off the Pfizer merger proposal? What tactics did Pfizer employ to overcome these defenses? Comment on the effectiveness of these defenses. What other defenses do you think Warner could or should have employed? Comment on the effectiveness of each alternative defense you suggest Warner could have employed? What factors may have contributed to Warner Lambert's rejection of the Pfizer proposal? What factors may make it difficult for this merger to meet or exceed industry average returns? What are the implications for the long-term financial performance of the new firm of only using Pfizer stock to purchase Warner Lambert shares? What is a standstill agreement and why might it have been included as a condition for the Pfizer-Warner Lambert Lipitor distribution arrangement? How did the standstill agreement affect Pfizer's effort to merge with Warner Lambert? Why would Warner Lambert want a standstill agreement?