Largest Pfizer stockholder accepts Bayer takeover offer
The Bayer Group has made further progress with its planned acquisition of Schering. Allianz, of Munich, has tendered its shareholding, which amounts to about 11% of Schering's capital stock, bringing the acceptance rate as of 2 June to 39.21%.
The Bayer Group has made further progress with its planned acquisition of Schering. Allianz, of Munich, has tendered its shareholding, which amounts to about 11% of Schering's capital stock, bringing the acceptance rate as of 2 June to 39.21%.
"We're pleased that Schering's largest stockholder has accepted our attractive offer. This also serves as a signal to the other stockholders," said Bayer management board chairman Werner Wenning. "We are convinced that the acquisition of Schering will be successfully completed."
Wenning emphasised that no further change to the offer conditions is possible under German law in the absence of a competing offer for Schering by a third party, nor can Bayer initiate any further extension of the acceptance period. Therefore the minimum acceptance threshold of 75% must now be reached by 14 June, otherwise the offer will lapse.