Bayer extends Schering takeover offer
Bayer has decided to amend the takeover offer for Schering and extend the acceptance period until 14 June 2006.
Bayer has decided to amend the takeover offer for Schering and extend the acceptance period until 14 June 2006.
The takeover offer continues to be subject to the condition that the minimum acceptance threshold of 75% is reached by the end of the acceptance period. The offer price of Euro 86 in cash per Schering share also remains unchanged. The offer is thus approximately 61% above the unweighted 12-month average price and some 39% above the closing price of Schering shares before the first takeover rumors surfaced.
Bayer published the takeover offer for Schering on 13 April 2006. Since then good progress has been made, including the receipt of unconditional approvals from the EU Commission and the US antitrust authorities.
Furthermore, the number of Schering shares being tendered for sale has increased further over the past few days. As of Monday, 29 May, the acceptance rate was 18.49%. In addition, Allianz AG, which holds 11.4% of the shares and is thus Schering's largest stockholder, has publicly announced its intention to accept the offer.
Bayer is therefore convinced that the acquisition of Schering will be successfully completed.