Bayer amends Schering takeover offer
Acceptance period for Schering stockholders extended by two weeks
Bayer has decided to amend the takeover offer for Schering AG and waive the offer condition in section 6.1.6 of the offer document. As a result of the amendment, the acceptance period is automatically extended until June 14, 2006, 24:00 hours CEST.
"The extension of the acceptance period enables all Schering stockholders to accept our attractive offer within the next two weeks," commented Bayer AG Management Board Chairman Werner Wenning.
The takeover offer continues to be subject to the condition that the minimum acceptance threshold of 75 percent is reached by the end of the acceptance period. The offer price of EUR 86 in cash per Schering share also remains unchanged. The offer is thus approximately 61 percent above the unweighted 12-month average price and some 39 percent above the closing price of Schering shares before the first takeover rumors surfaced.
Bayer published the takeover offer for Schering on April 13, 2006. Since then good progress has been made, including the receipt of unconditional approvals from the E.U. Commission and the U.S. antitrust authorities. Furthermore, the number of Schering shares being tendered for sale has further increased over the past few days. As of Monday, May 29, 2006, 18:00 hours CEST, the acceptance rate was 18.49 percent. In addition, Allianz AG, which holds 11.4 percent 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.
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