The Bayer group said that it has gained control of 88% of Berlin-based contrast media firm Schering's approximately 191 million issued and outstanding shares.
The milestone represents the last remaining condition of the takeover bid by the Leverkusen, Germany-based Bayer, which was required to attain a three-quarters majority of outstanding Schering shares.
Remaining Schering stockholders have the opportunity to accept Bayer's offer of 89 euros ($112 U.S.) per share during an additional acceptance period, which runs from June 23 until July 6 this year. The firm said it continues to pursue its goal of wholly acquiring Schering.
Both the European Union Commission and U.S. antitrust authorities have given approval to the deal, Bayer said.
By AuntMinnie.com staff writers
June 21, 2006
Related Reading
Schering board endorses Bayer offer, April 19, 2006
Schering supports Bayer offer, Merck withdraws, March 24, 2006
Bayer cuts ties to Agfa, June 10, 2002
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