Merck and Schering-Plough Announce Merger

Merck, Schering-Plough to merge in $41.1 B deal

By: WKRG Staff | WKRG-TV
Published: March 09, 2009

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WHITEHOUSE STATION, N.J.(AP) - Drugmakers Merck & Co. and
Schering-Plough Corp., already partners in a joint venture, are
planning to merge under the name Merck in a stock-and-cash deal
worth about $41.1 billion.
Schering-Plough's shareholders will get $10.50 in cash and just
over half of one Merck share for each Schering-Plough share they
own. That's a 34 percent premium to Schering-Plough's closing stock
price on Friday.
The two New Jersey pharmaceutical companies say that Merck's top
executive, Chairman and CEO Richard Clarke, will lead the combined
company.
However, the transaction and it is to be structured as a reverse
merger. As a result Schering-Plough will be the surviving public
corporation but will be renamed Merck.

(Copyright 2009 by The Associated Press. All Rights Reserved.)