Bayer takeover offer for Schering successful

The way is now clear for the Bayer Group to acquire Berlin-based pharmaceuticals company Schering. Bayer has gained control of a total of 88% of Schering's approximately 191 million issued and out-standing shares.

The attainment of a three-quarters majority was the last remaining condition of the takeover offer. Both the EU Commission and the US antitrust authorities had already given their unconditional approval.

By the expiration of the acceptance period on June 14, 87.3 million Schering shares had been tendered to Bayer under the takeover offer. This is equivalent to 45.7% of the issued and outstanding Schering shares. In addition, by the same date, Bayer had acquired 77.8 million Schering shares, or 40.7% of the issued and outstanding Schering shares, either on the stock market or directly. The minimum acceptance threshold of 75% was therefore exceeded. A further 2.9 million Schering shares, or 1.5%, were purchased by the Bayer Group thereafter.

"We're pleased to have received such broad-based support from the stockholders,' said Bayer management board chairman Werner Wenning. "We also invite the remaining Schering stockholders to accept our attractive offer of Euro 89 per share," he added. The additional acceptance period runs from June 23 until July 6, 2006. Bayer continues to pursue its goal of wholly acquiring Schering.