Bayer makes white-knight offer for Schering, bids against Merck

23.03.2006 16:45

German pharmaceutical and chemical company Bayer AG said Thursday it would make a Ђ16.3 billion (US$19.5 billion) white-knight offer for Schering, bidding against a hostile takeover effort from Merck KgA.

The Leverkusen-based Bayer said in a statement that it would offer Ђ86 (US$103) per share, topping a Merck offer of Ђ77 (US$92.4) already rejected by Schering management.

Berlin-based Schering, which is not affiliated with New Jersey-based Schering-Plough, is opposing the Ђ14.9 billion (US$17.9 billion) takeover offer from Merck, saying that it doesn't accurately reflect its value, reports AP.

O.Ch.

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