Schering AG said in a statement that it believes the all-cash offer of E77 per share “significantly undervalues” the company and its prospects. The official comment also stressed that the approach from Merck was unsolicited and that no negotiations are currently taking place.
Merck KGaA has so far refused to officially comment on the takeover bid, but the company is thought to view its offer as generous. Speculation now abounds that Merck may come back with a second bid for the company or that another company may enter the bidding.
Should the takeover by completed the companies would be likely to produce combined sales of over E11 billion, making the amalgamated company a significant global player in the pharmaceutical market.