| Bayer announces squeeze-out of shares | Posted on 26/09/2008 in Pharmaceutical Company Restructures Bayer has announced the initiation of a squeeze-out of minority shareholders in Bayer Schering Pharma.
It said the resolution passed by the extraordinary stockholders' meeting of Bayer Schering Pharma in January 2007 regarding the transfer of shares held by minority shareholders to the company has been entered into the commercial register of the local court of Berlin-Charlottenburg.
Consequently, these shares will be transferred against cash compensation of 98.98 euros (78.79 pounds), with the squeeze-out of these shareholders becoming effective.
All shares in Bayer Schering Pharma have now passed by law to Bayer Schering, a wholly-owned subsidiary of Bayer.
"Thus these shares now confer only an entitlement to the above-mentioned cash compensation," the firm said.
It added the shares of Bayer Schering Pharma will soon be delisted from the stock exchange.
Before the entry in the commercial register was made, the high court decided the lawsuits seeking to have the squeeze-out resolution declared null and void or set aside do not impede its enforcement.
However, the decision of the court does not terminate the principal litigation.
Earlier this month, Bayer HealthCare announced the acquisition of Direvo Biotech for 210 million euros.Other news stories from 26/09/2008
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