Merck & Co.’s shareholders have approved the proposed merger with Schering-Plough. The preliminary tabulation indicates that more than 99% of the company’s outstanding shares voted in favor of the transaction, at a special shareholder meeting in Bridgewater, New Jersey.
Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 of a share of new Merck common stock and $10.50 in cash for each share of Schering-Plough. For Merck shareholders, existing Merck share certificates will automatically represent an equal number of shares in the new Merck after completion of the merger.
Richard Clark, chairman, president and chief executive officer of Merck, said: “We are gratified by the shareholder confidence demonstrated through the outcome of today’s vote. On behalf of Merck’s Board and management team, I want to thank our shareholders, customers and dedicated employees for their support throughout this process. We look forward to completing the merger with Schering-Plough and to creating a strong, global leader that can make a substantial difference to patients and global healthcare.”