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news.The executive and supervisory boards of Schering AG have recommended that its shareholders accept the E16.5 billion takeover bid submitted by Bayer for the company.
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“Bayer's proposal has been carefully examined considering the interests of all stakeholders. It includes a fair price and additional important commitments. Therefore we are convinced that it is a good offer,” said Dr Hubertus Erlen, chairman of the executive board of Schering. “By joining forces we will create an internationally successful specialized pharmaceutical business with a promising future.”
Bayer has offered to acquire all shares of Schering at a price of E86 per share in cash, an offer that values the company at approximately E16.5 billion.
According to a statement released by Schering, the executive boards of both companies have agreed to share any job losses created by the merging of the companies in a “fair and balanced way and to carry them out in a socially responsible manner.”
The headquarters of the combined pharmaceutical business will operate under the company name Bayer-Schering-Pharma and will be established in Berlin, Germany.