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Allianz tenders its Schering shares to Bayer
Leverkusen - The Bayer Group has made further progress with its planned acquisition of Schering AG. On Thursday Allianz AG, Munich, tendered its shareholding, which amounts to about 11 percent of Schering's capital stock, bringing the acceptance rate as of Friday, June 2, 2006, 15:00 hours CEST, to 39.21 percent. "We're pleased that Schering's largest stockholder has accepted our attractive offer. This also serves as a signal to the other stockholders," commented Bayer Management Board Chairman Werner Wenning. "We are convinced that the acquisition of Schering will be successfully completed."
Wenning emphasized that in contrast to comparable transactions in the United States, for example, no further change to the offer conditions is possible under German law in the absence of a competing offer for Schering by a third party, nor can Bayer initiate any further extension of the acceptance period. Therefore the minimum acceptance threshold of 75 percent must now be reached by June 14, 2006, 24:00 hours CEST, otherwise the offer will lapse.
Bayer published the takeover offer on April 13, 2006, offering EUR 86 in cash per Schering share. 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. Unconditional approvals have been received from the E.U. Commission and the U.S. antitrust authorities.
Additional information and the official offer document are available on the Internet at www.bayer.com.
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